New Developments in the Ripple-SEC Case: Now in the Final Stages

The long-running lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs has ended with a significant development.

Today, the U.S. Court of Appeals for the Second Circuit approved the parties' joint waiver request, formally dismissing both sides' appeals.

The SEC filed a lawsuit against Ripple Labs, CEO Bradley Garlinghouse, and Chairman Christian A. Larsen in December 2020. The lawsuit alleged that Ripple's sales of XRP tokens violated securities laws. The trial court imposed a civil penalty of $125,035,150 on Ripple and issued an injunction prohibiting the company from violating the registration provisions of the Securities Act of 1933.

On August 7, 2025, the SEC filed a joint waiver with Ripple and two executives to withdraw their appeals. This agreement covers the SEC's appeal and Ripple's cross-appeal. The Second Circuit Court granted this request, officially ending the appeals process in the case.

Thus, the $125 million penalty and injunction decision made by the first instance court will remain valid.

This development officially marks the end of the SEC-Ripple fight that has been going on for more than four years.