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“The final crossing of t’s and dotting of i’s – and what should be my last update on SEC v Ripple ever… Last week, the SEC agreed to drop its appeal without conditions. Ripple has now agreed to drop its cross-appeal. The SEC will keep $50M of the $125M fine (already in an interest-bearing escrow in cash), with the balance returned to Ripple. The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request. All subject to Commission vote, drafting of final documents and usual court processes. That’s all folks!”
Ripple’s cross-appeal had targeted Judge Analisa Torres’ injunction that prevented XRP sales to institutional investors and the $125 million penalty for violating US securities laws.
Pro-crypto lawyer Fred Rispoli shared insights into the potential timelines, stating:
“With the announcement by Stuart Alderoty, you better believe the paperwork has been drawn up already. Now we wait on a vote by SEC Commission (less than 30 days). Then we wait on filing by SEC to lift injunction, which will be unopposed by Ripple. Judge Torres will sign off on it (less than 30 days from motion filing). At most we are 60 days out from this being 100%, formally, legally, and spectacularly over.”
This settlement could prove pivotal to Ripple’s US expansion plans and positioning in the remittance sector, currently dominated by SWIFT and traditional financial institutions.
SEC Closed Meeting and an Official Appeal Withdrawal Vote
Ripple’s cross-appeal withdrawal suggests an upcoming SEC vote to formally withdraw its own appeal is likely to be a formality. The next closed SEC meeting is on Thursday, March 27. SEC Acting Chair Mark Ueyda and Commissioner Hester Peirce, who heads the Crypto Task Force, are expected to vote in favor.
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