Ripple CEO Brad Garlinghouse recently dropped a major update. Ripple is officially pulling back its cross appeal, and the SEC is expected to do the same. After years of courtroom drama, this could mark the end of one of crypto’s most high-profile battles.
Recently, Judge Torres rejected a joint request from the SEC and Ripple to approve a proposed settlement. The deal aimed to cut Ripple’s civil penalty to $50 million and lift the permanent injunction.
One of the X users noted that it’s not over until the SEC formally confirms. Bill Morgan shared that a vote from SEC commissioners is still needed, but it’s now just a matter of when, not if.
SEC Vote Still Needed, But Outcome Is Certain
Former SEC official Marc Fagel explains the SEC still needs to formally vote to drop its appeal. The SEC’s previous vote only approved the proposed agreement, not a full case dismissal. Since the settlement was conditional and the court didn’t approve it, the SEC now needs to hold a separate vote to officially drop the appeal.
Injunction Remains
Marc Fagel confirms that while the Ripple-SEC litigation is effectively over, the injunction against Ripple remains in place. When asked about Ripple’s institutional strategy, he warns distributing XRP through other companies could still violate securities laws, though he noted the current SEC’s lax enforcement makes outcomes unpredictable.
So, the fact that Ripple was ready with this decision less than a day from the Torres ruling means it at least heavily planned for this scenario, discussed it with the SEC, and made whatever agreements/discussions necessary for moving forward.
Thank heavens this is over! https://t.co/4gX0pIgyWj
— Fred Rispoli (@freddyriz) June 28, 2025
Attorney Fred Rispoli weighed in on Ripple’s surprise announcement and noted that the timing was not accidental. Ripple’s decision to drop its cross appeal came just a day after Judge Torres’ final judgment, which shows that the outcome was likely planned in advance.
According to Rispoli, Ripple and the SEC had already discussed the terms behind closed doors, setting the stage to quietly bring this long battle to a close.
2023 Ruling Stands: XRP Not a Security in Retail Sales
XRP price jumped to $2.15 following the announcement. The case will fully close once the SEC also drops its appeal, which is expected in the coming weeks. The key 2023 ruling still stands, confirming that XRP sales on exchanges are not securities, offering continued clarity for retail traders.
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