It has been years of back and forth, and Ripple and the SEC are still locked in a battle, though the end might finally be in sight. Reports suggest the case is wrapping up, but not because of a decisive court ruling. Instead, negotiations are still active, with Ripple holding out for better terms before making a final move.
Judge Analisa Torres had already issued a ruling last August. Ripple was hit with a $125 million fine and banned from selling XRP to institutional investors. The SEC, not satisfied, appealed, aiming to challenge the court’s finding that XRP retail sales were not unregistered securities. Ripple, in turn, fired back with a cross-appeal. More filings, more waiting, more uncertainty.
Alex DovbnyaThen, after former SEC Chair Gary Gensler stepped down, the agency started easing up on crypto enforcement. High-profile cases, like those against Uniswap and Robinhood Crypto, were quietly dropped. Ripple seized on this, arguing that if the SEC is unsure about enforcing its own penalties, why should Ripple be punished at all?
Private settlement
So, what now? Legal expert Jeremy Hogan sees one clear path: a private settlement. No more court filings, no drawn-out appeals - just a quiet agreement between Ripple and the SEC to move on. If this happened, the terms would likely remain sealed, away from public scrutiny.
The challenge? The SEC would have to let Ripple operate without enforcing the court’s original injunction. A tough pill to swallow, but not impossible.
Another path is taking the case back to the trial court and asking for an amended judgment. Risky, because the judge could refuse. But legal precedent suggests courts often defer to the SEC’s position in settlements.
If a private deal happens, the details may never surface, just as in past corporate legal battles. Back in the 2000s, Taco Bell settled a lawsuit mid-appeal. No one knew the terms until years later. Ripple’s case could follow the same path, says Hogan. If so, the crypto community may be left with nothing but a laconic headline: case closed, terms unknown.
Dan Burgin
Vladislav Sopov