A pivotal chapter in the XRP saga is closing as the long-running case officially comes to an end. Ripple and the U.S. Securities and Exchange Commission (SEC) have opted to withdraw their respective appeals, finalizing the court’s prior rulings and ending active litigation. Ripple Chief Executive Brad Garlinghouse stated on social media platform X on June 27:
Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.
His remarks followed U.S. District Judge Analisa Torres’ June 26 ruling to uphold the $125 million civil penalty and a permanent injunction against Ripple, rejecting any modification to her final judgment. Although Ripple and the SEC jointly sought to resolve their appeals through a post-judgment agreement that would remove the injunction and reduce the penalty, Judge Torres found that neither party had shown the exceptional circumstances needed to alter the final ruling. In her words: “The parties do not have the authority to agree not to be bound by a court’s final judgment … They have not come close to doing so here.” Her decision maintains the court’s determination that Ripple violated securities laws through institutional XRP sales.
The SEC sued Ripple in December 2020 over $1.3 billion in unregistered XRP sales. In July 2023, Judge Torres ruled that institutional sales were unregistered securities, while exchange sales were not. Ripple was fined $125 million and permanently barred from making unregistered institutional sales. Both parties filed appeals on different aspects of these decisions. On May 8, 2025, Ripple and the SEC proposed reducing the fine to $50 million and lifting the ban, but Judge Torres rejected it.
Once both appeals have been dropped, those rulings stand unchanged, effectively closing the legal dispute. The XRP community cheers at Ripple’s decision. Lawyer Bill Morgan commented:
The SEC v Ripple lawsuit is finally, finally, OVER.
“Commonsense has prevailed. Programmatic sales are not investment contracts. Ripple has found other ways to sell XRP to institutions. XRP itself is not a security,” he clarified.
His statement echoes Ripple Chief Legal Officer Stuart Alderoty who has reassured the market that XRP’s regulatory classification remains unaffected by the court’s refusal to modify the judgment. The Ripple legal chief stated on Thursday: “ XRP’s legal status as not a security remains unchanged.” With the case resolved, Ripple is positioned to reallocate its focus on strategic growth within the digital asset space.
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