SEC and Ripple Move to Dismiss Appeals, Effectively Ending Legal Battle
The SEC dropped a status report with the Court of Appeals on Friday, confirming that both sides—the agency and Ripple Labs—have agreed to dismiss their appeals. The court still needs to sign off on it, but assuming that happens, this would wrap up the long-running lawsuit for good.
It’s a quiet ending for a case that’s dragged on since 2020. Back in early August, the SEC and Ripple (along with executives Brad Garlinghouse and Chris Larsen) filed a joint stipulation to dismiss the appeals. No fanfare, no last-minute drama—just paperwork. If approved, it’ll close the book on the SEC’s enforcement action against the company.
But here’s where things got a little confusing online. Some observers wondered whether Judge Analisa Torres, who handled the original district court case, still had a role here. She doesn’t. Marc Fagel, a former SEC regional director, had to step in and clarify on X: *”Reminder: Judge Torres has nothing further to do with this case.”*
Why This Feels Like the Real End
Ripple’s chief legal officer, Stuart Alderoty, didn’t mince words when the joint dismissal was filed last month. He called it “the end” of the case. And he’s probably right.
The SEC first sued Ripple in December 2020, claiming the company sold XRP as an unregistered security. After years of back-and-forth—partial wins for Ripple, appeals, more filings—this dismissal seems like the final exhale. Bill Morgan, an attorney and XRP supporter, shrugged off the latest status report as mostly procedural. At this point, it’s just tying up loose ends.
A Broader Shift at the SEC?
It’s not just Ripple. The SEC has also dropped cases against Binance, Coinbase, and Kraken recently. Maybe it’s a change in strategy, or maybe the agency’s just picking its battles more carefully now. Hard to say.
Either way, Ripple’s legal team is likely breathing easier. Five years is a long time to fight regulators. And while the case didn’t settle every question about crypto regulation, it’s at least over.
No big speeches, no dramatic rulings—just a quiet exit. Sometimes that’s how these things end.
