Ripple withdrew its appeal against the SEC

"Ripple is withdrawing our cross-appeal, and the SEC is expected to withdraw its appeal, as they have already said before," Garlinghouse wrote on X. "We are closing this chapter once and for all and focusing on what matters most — building the Internet of Value"

The decision came just one day after a US district judge rejected a joint request from the SEC and Ripple to approve the settlement agreement. That document would have reduced Ripple's civil penalty to $50M and lifted the permanent injunction against the firm