Ripple and SEC Reach Agreement on Appeals and Penalties

According to BlockBeats, Ripple's Chief Legal Officer Stuart Alderoty announced that the U.S. Securities and Exchange Commission (SEC) has agreed to unconditionally withdraw its appeal from last week. Ripple has also decided to withdraw its cross-appeal. As part of the agreement, the SEC will retain $50 million of the $125 million penalty, which has been deposited in an interest-bearing escrow account, while the remaining amount will be returned to Ripple. Additionally, the SEC plans to request the court to lift the standard injunction previously imposed at its request. These actions are subject to committee voting, the drafting of final documents, and standard court procedures.