Categories: Crypto

Ripple drops cross-appeal as SEC set to follow, closing XRP case

Key Takeaways

Ripple and the SEC have mutually agreed to end their legal battle by dropping all appeals.
The decision marks the conclusion of a high-profile dispute in the digital assets industry.

Ripple CEO Brad Garlinghouse confirmed today that the company has dropped its cross-appeal in the XRP lawsuit, and expects the US Securities and Exchange Commission to do the same.

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“Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said,” Garlinghouse posted on X. “We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.”

The announcement follows a federal judge’s decision to reject a joint motion by Ripple and the SEC to reduce Ripple’s penalty to $50 million. Judge Analisa Torres ruled that the parties had no authority to vacate a permanent injunction or alter the fine without meeting exceptional legal standards, which she said they had not done.

Despite that setback, both sides now appear ready to move on. The original ruling, issued in July 2023, held that XRP sales on public exchanges did not violate securities laws, but institutional sales totaling $728 million did. Ripple was fined $125 million and barred from similar sales.

Ripple’s decision to abandon its appeal reflects a shift toward operational clarity. With regulatory lawsuits against Coinbase, Kraken, and Binance also dropped in recent months, the SEC appears to be easing its crypto enforcement stance under the Trump administration.

Story in development.