The SEC lawsuit against Ripple regarding XRP sales to institutional buyers remains pending, despite recent developments indicating a partial resolution.
On March 25, 2025, Ripple Labs announced a settlement with the SEC, agreeing to pay a reduced fine of $50 million instead of the originally imposed $125 million penalty.
This settlement concludes one of the SEC’s most prominent crypto cases, though it does not fully resolve all outstanding issues.
The SEC had previously withdrawn its appeal against a July 2023 ruling by Judge Analisa Torres, which determined that XRP sales on exchanges to retail investors did not qualify as securities. However, institutional sales of XRP were deemed to violate securities laws, and Ripple continues to appeal the $125 million fine related to these sales.
Judge Torres’s August 2023 ruling remains in effect, meaning XRP is not considered a security when bought and sold on secondary markets, but sales to institutional investors still require compliance with securities regulations.
The SEC must now request Judge Torres to lift the injunction on Ripple’s XRP sales to institutional buyers, a procedural step that has yet to be completed.
Ripple’s CEO, Brad Garlinghouse, has described the SEC’s decision to drop the appeal as a significant victory for Ripple and the broader crypto industry.
However, the legal battle is not entirely over, as Ripple continues to challenge the $125 million fine, arguing that no investors were harmed by the transactions in question.
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