The case between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) may be officially wrapped up after more than four years, subject to court approval.
Background on the Ripple and SEC Case
The case between Ripple Labs and SEC has been ongoing for more than four years. In August 2024, the U.S. District Court for the Southern District of New York found Ripple liable for $125 million. The SEC will keep only $50 million of this amount in escrow, with the remaining balance returned to Ripple.
Recent Announcements from Ripple
On March 25, Ripple's chief legal officer Stuart Alderoty announced that the company will drop its cross-appeal against the SEC in the U.S. Court of Appeals for the Second Circuit. According to Alderoty, the agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request.
Future Steps and Expectations
Alderoty’s announcement came less than seven days after Ripple CEO Brad Garlinghouse said the SEC would drop its appeal over the August 2024 judgment. At the time of publication, neither the SEC nor Ripple appeared to have made any filing in the Second Circuit since January 31.
This is a developing story, and further information will be added as it becomes available.
