The Securities and Exchange Commission’s (SEC) long-running case against Ripple Labs has finally come to a close. Well, now it’s official.
After four years of legal back-and-forth, the SEC has dropped its appeal and will settle with Ripple for just $50 million, marking one of the most important victories in crypto’s regulatory history.
Originally filed in December 2020, the case accused the company of raising $1.3 billion through unregistered sales of XRP. It became a cornerstone in the SEC’s broader enforcement campaign against the crypto industry, with high-profile lawsuits later brought against Coinbase, Kraken, and others.
According to Ripple’s Chief Legal Officer Stuart Alderoty, the SEC agreed last week to drop its appeal unconditionally. The company responded by dropping its cross-appeal. Under the terms of the settlement, the SEC will retain $50 million out of a $125 million penalty —already held in an interest-bearing escrow.
The remaining $75 million will be returned to Ripple, pending final court approval. The SEC has also pledged to ask the court to lift the longstanding injunction against the company, clearing the way for broader use of XRP in U.S. markets.
The final crossing of t’s and dotting of i’s – and what should be my last update on SEC v Ripple ever…
Last week, the SEC agreed to drop its appeal without conditions. @Ripple has now agreed to drop its cross-appeal. The SEC will keep $50M of the $125M fine (already in an…
— Stuart Alderoty (@s_alderoty) March 25, 2025
XRP surged over 10% on the initial news but has since stabilized around $2.47, with a current market cap of approximately $143 billion—ranking it among the top five cryptocurrencies. While Ripple executives are taking a victory lap, questions remain whether XRP’s current valuation reflects real-world adoption or is still heavily narrative-driven.
This case closure reflects an important development at the SEC under the Trump administration, which has taken a notably more pro-crypto stance. Ripple’s victory, combined with the formation of a Crypto Task Force led by Commissioner Hester Peirce, indicates the SEC is now favoring engagement over enforcement.
Read more: SEC Kicks Off Crypto Task Force With Hints at Regulatory Reset
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