Ripple to Withdraw Cross-Appeal in SEC Lawsuit
Blockchain firm Ripple Labs will bring an end to its decade-long court fight with the United States Securities and Exchange Commission (SEC), pending court approval. The settlement comes after Ripple has decided to withdraw its cross-appeal, paving the way for an earlier court order to be implemented.
$75M Refund From Previous Ruling
Ripple Chief Legal Officer Stuart Alderoty announced on March 25 via X that the firm will be receiving a return of about $75 million from a $125 million judgment rendered by the U.S. District Court for the Southern District of New York in August of 2024. The SEC will retain $50 million in escrow.
Alderoty stated the SEC also will seek the court’s vacating of the standard injunction it previously imposed, though final actions await Commission vote and judicial processes.
Closure After Years of Litigation
The move may mark the end of the four-year-long legal fight, which has been closely followed by the crypto space. Ripple CEO Brad Garlinghouse recently declared that the SEC would also be withdrawing its appeal on the case.
With both parties stepping back from further legal action, the case could now officially be shut down—pending final approvals and document preparation.
Final Steps Pending
Up to the recent news, there were no new filings from either side in the district or appeals courts since the beginning of this year. Ripple and the SEC, however, may file a joint petition before Judge Analisa Torres for a modification of the existing judgment, as intimated in past statements.
