The legal proceedings between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) are nearing their conclusion. While both parties indicate a desire to walk away from further appeals, formal actions are still pending.
Ripple and SEC Drop Their Appeals
On June 27, 2025, Ripple CEO Brad Garlinghouse announced that the company would withdraw its appeal. This followed the SEC's indication on March 19, 2025, to also drop its appeal. These actions were perceived as a resolution to a prolonged legal battle that has had a significant impact on the regulation of digital assets in the U.S.
Marc Fagel Clarifies Details
Former SEC official Marc Fagel noted that the case is still technically active and that a final dismissal has not yet occurred. He stated, "No, that didn’t happen. The SEC presumably still has to vote to drop the appeal. Which they will 100% do, but nothing’s been dismissed yet."
Overview of Key Events in the Case
The case initiated in December 2020 when the SEC alleged that Ripple’s sale of XRP constituted an unregistered securities offering. A pivotal moment occurred in July 2023, when Judge Analisa Torres ruled that XRP was not a security in programmatic sales on exchanges. However, Ripple’s institutional sales were deemed to violate securities laws.
Despite significant movements towards resolving the legal battle, the case remains technically open. The next crucial step is the SEC's internal vote to withdraw the appeal, after which the court can officially dismiss the case.
