🏛️ Ripple Drops Cross‑Appeal Against SEC, Ending Years‑Long Legal Battle

Date: June 28, 2025

After nearly five years of courtroom drama, Ripple Labs has announced a major pivot: it will withdraw its cross-appeal in its protracted dispute with the U.S. Securities and Exchange Commission (SEC). CEO Brad Garlinghouse formally confirmed the move on X, stating, “We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value.”

⚖️ A Long Legal Saga

Origins (Dec 2020): The SEC accused Ripple of violating securities laws by selling over $1.3 billion in XRP without proper registration, particularly targeting institutional offerings.
Partial victory (July 2023): Judge Torres ruled that XRP sales on public exchanges were not securities, but institutional sales totaling $728 million did breach regulations. Ripple was fined $125 million and subjected to an injunction.
Settlement attempt & judge’s rebuke: In June 2025, both parties moved to settle at $50 million and lift the injunction. The court rejected it, citing lack of exceptional circumstances.

🔄 What Happens Now

Appeals dropped: Ripple’s cross-appeal, focusing on the institutional sales ruling, will be withdrawn. The SEC is also expected to drop its appeal of the non‑security determination for public sales.
Final outcome upheld: The 2023 ruling stands—public XRP sales are legal, institutional ones were not. Ripple will pay $125 million and remain bound by a permanent injunction.

📊 Market & Industry Reaction

XRP price bump: XRP spiked ~3–4% shortly after the announcement, climbing to around $2.20–$2.18 as confidence returned.
ETF implications: Analysts suggest the resolution removes a significant regulatory overhang, clearing a path for spot XRP ETF proposals like those from BlackRock.
Crypto sentiment: The broader pause in high‑profile SEC enforcement—against Binance, Coinbase, and Kraken—is seen as a sign of a more accommodative stance in the Trump‑led administration.

🔍 What This Means Going Forward

Regulatory clarity: With core legal questions settled—XRP is not a retail security, but institutional sales required compliance—market participants gain clarity.
Operational focus: Ripple can now pivot fully to business growth—expanding its payments infrastructure and developer initiatives on the XRP Ledger.
Precedent for crypto: The resolution may serve as a model for other blockchain projects on how digital assets are evaluated under U.S. securities law.
Ongoing industry shift: Broader effects are likely: more clarity in policy could accelerate enterprise crypto adoption, ETF approvals, and innovation in the DeFi space.

📌 Final Takeaway

By dropping the cross-appeal, Ripple effectively closes the most high‑profile courtroom dispute of the crypto era. The ruling from July 2023 remains in effect, but the uncertainty that dogged XRP—and, by extension, broader crypto—markets has largely lifted. With regulatory clarity finally emerging, both Ripple and the industry gain valuable momentum toward mainstream adoption.

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