Ripple’s years-long courtroom saga with the U.S. Securities and Exchange Commission (SEC) may be approaching its conclusion, but confusion still looms over the case’s final status.
In a bold statement, Ripple CEO Brad Garlinghouse recently suggested that the dispute has been resolved. Echoing his sentiment, Ripple’s Chief Legal Officer revealed that both parties have opted to drop their respective appeals — Ripple will no longer pursue its cross-appeal. The SEC has allegedly withdrawn its challenge. As part of this supposed agreement, Ripple has agreed to pay a $50 million fine — a much lower figure than the $125 million penalty initially on the table.
However, despite Ripple’s optimism, the SEC has not yet confirmed the reported resolution. This silence has only deepened speculation and raised concerns about whether the case is truly over.
SEC Disputes Ripple’s Settlement Claims
The uncertainty intensified when the SEC recently filed a motion opposing an “emergency request” submitted by Justin W. Keener — an independent party claiming to possess critical evidence that could benefit Ripple. Keener’s filing aimed to introduce this evidence before the court, but the SEC pushed back, urging Judge Analisa Torres to reject the motion outright.
Among its arguments, the SEC contended that the district court no longer has jurisdiction, pointing out that the case has moved to the Second Circuit Court of Appeals. Furthermore, the agency argued that Keener lacked the legal standing to involve himself in the proceedings and that, as the defendant, Ripple has the discretion to decide whether such evidence is in its favor.
Legal Analyst Flags Inconsistencies
Attorney Bill Morgan highlighted a discrepancy in the SEC’s filing. While Ripple announced a concluded settlement, the SEC’s statement to Judge Torres claims the appeal process is ongoing, directly contradicting Ripple’s public assertion. This inconsistency raises questions about the case’s status and potential implications for XRP, settlement negotiations, the appeal process, and XRP’s price movement.
Such an odd thing that Ripple say the Appeal and Cross-Appeal is settled but the SEC writes to Judge Torres that the matter is still on appeal. Settled but not quite over. https://t.co/TpNv2DcKoE pic.twitter.com/XFAKJAzUUP
— bill morgan (@Belisarius2020) April 9, 2025
This discrepancy has further fueled uncertainty, prompting legal observers, XRP investors, and the broader crypto community to question who is telling the complete story.
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Community Calls for Clarity
Currently, the status of the SEC v. Ripple case remains murky. On the one hand, Ripple has declared the chapter closed, citing the mutual withdrawal of appeals and a reduced fine. On the other hand, the SEC’s recent actions and court statements suggest that litigation — or at least procedural matters — are still active.
Now, market participants and stakeholders are demanding transparency. There is increasing demand for the SEC to issue a formal statement clarifying whether the case has reached a definitive conclusion or if the legal wrangling will continue.
Until then, the case that has defined crypto regulation in the U.S. for years remains stuck in limbo, despite the supposed light at the end of the tunnel.
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