Ripple CEO: ‘We’re closing this chapter once and for all’ in years-long case with SEC

Ripple is turning the page and closing the chapter on its years-long case with the U.S. Securities and Exchange Commission, according to its CEO Brad Garlinghouse.

In a post on X on Friday, Garlinghouse said the firm is dropping its cross-appeal. A cross-appeal allows a party in a suit to challenge different aspects of a court ruling.

“We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value,” Garlinghouse said. “Lock in.”

The legal dispute between Ripple and the SEC has been going on for years as both parties have tried to bring an end to the case. In 2020, the SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it said was an unregistered security. Over a year ago, U.S. District Court for the Southern District of New York Judge Torres ruled that some of Ripple’s sales, called programmatic, did not violate securities laws because of a blind bid process in place for them. She did, however, rule that other direct sales of the token to institutional investors were securities.

That second part regarding institutional investors meant that Ripple would be fined $125 million.

Garlinghouse’s post comes a day after Judge Torres denied a request from both Ripple and the SEC to lift an injunction. The SEC and Ripple have been asking Judge Torres to allow their joint motion and issue a ruling that the court “dissolve the injunction against Ripple,” allowing $50 million of the $75 million in fines to go to the SEC, with the remaining $ 25 million to be distributed to Ripple.

Ripple had previously said it decided not to file a cross-appeal in March. A Ripple spokesperson did not immediately respond to a request for comment.