Internet reports that Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have formally reached an agreement that, if approved by a judge, will end a years-long legal dispute. Under the settlement filed in New York on Thursday, the parties agreed to a $50 million fine, well below the $2 billion originally requested by the SEC and part of "the $125 million fine ruled by Southern District Court Judge Analisa Torres last year." The agreement confirms the "settlement agreement in principle" announced by Ripple in March. Judge Torres ruled in 2023 that Ripple violated securities laws when selling XRP to institutional investors, but did not violate securities laws when placing XRP on an exchange for retail purchase. The case began in 2020 and was initiated by then-SEC Chairman Jay Clayton. Both parties have agreed to withdraw their respective appeals. The settlement comes as "the SEC fully withdraws a series of crypto investigations and lawsuits initiated during the tenure of former Chairman Gary Gensler." After Trump took office and appointed "pro-crypto Paul Atkins as the new chairman," the SEC's attitude towards crypto regulation changed significantly. Driven by the news, XRP rose 9% on the day.