After nearly four years of legal wrangling, the Securities and Exchange Commission (SEC) and Ripple Labs have jointly agreed to dismiss their appeals in the high-profile XRP case, bringing an end to one of the crypto industry’s most closely watched battles.
The decision, filed with the Second Circuit Court of Appeals, confirms that both parties will cover their own legal expenses, allowing the mixed ruling from 2023 to stand as the final word.
U.S. District Judge Analisa Torres delivered a split verdict last year, finding that XRP sales to institutional investors violated securities laws, while those made to retail traders through public exchanges did not.
Ripple was ordered to pay $125 million in penalties, significantly less than the $2 billion originally sought by the SEC, and to comply with a permanent injunction against further violations.
The SEC had pursued an appeal in 2024, aiming to overturn the retail sales exemption, while Ripple filed a cross-appeal to defend its position.
However, both sides agreed earlier this year to drop their cases, with Ripple’s CEO Brad Garlinghouse stating,
“We’re closing this chapter once and for all, and focusing on what’s most important — building the Internet of Value.”
The timing of this development reflects shifts in the regulatory landscape.
Since Donald Trump returned to the presidency, the SEC has moved away from aggressive crypto enforcement, dropping several ongoing investigations and lawsuits.
Attempts by Ripple to reduce the penalty were rejected by Judge Torres, yet the parties appear to have settled on ending the drawn-out process and moving forward.
Following the news, XRP’s price surged over 10% to around $3.32, marking a sharp rebound from lows seen earlier in the year.
The token has nearly doubled since April, rising from $1.79 to a peak of $3.56 in July, indicating renewed investor confidence.
With the legal cloud lifted, Ripple is expected to refocus on expanding its payment solutions and stablecoin offerings, as well as moving ahead with plans for a public listing.
From Coinlive’s perspective, this resolution is a pivotal moment not only for Ripple but for the wider crypto market.
The mixed ruling leaves unanswered questions about the classification of digital assets, especially those sold to institutional buyers.
It also highlights the challenges regulators face in applying existing securities laws to emerging technologies.
Ripple's ability to sustain its momentum and thrive will be tested as the market continues to grapple with regulatory uncertainty.
The firm’s ability to navigate this evolving landscape—and the broader industry’s response to regulatory clarity—could set important precedents for crypto’s future.
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