Ripple has agreed to drop its appeal against the U.S. Securities and Exchange Commission, according to Ripple chief legal officer Stuart Alderoty.
Just days after the SEC dropped its case against XRP (XRP) creator Ripple, the company has confirmed it is also dropping its counter-appeal.
In a post on X, Alderoty said both parties had not only agreed to withdraw their respective appeals but had also settled on a reduced fine, cutting the original $125 million penalty to $50 million.
“The final crossing of t’s and dotting of i’s – and what should be my last update on SEC v Ripple ever,” Alderoty wrote. “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 SEC is also set to request that Judge Analisa Torres lift the standard “obey the law” injunction imposed on Ripple following the agency’s motion.
Not a done deal
However, these agreements remain subject to a vote by the Commission. Final documentation and other standard court procedures also need to be completed. Once finalized, the Ripple versus SEC case, which began in December 2020, will officially conclude.
The latest news around the case comes as the SEC takes a complete u-turn following the exit of former chair Gary Gensler. Reports that the regulator was winding up its case against Ripple also surfaced.
Under new interim chair Mark Uyeda, the SEC has, over recent weeks, dropped investigations and closed several high-profile lawsuits, including those against crypto exchanges Coinbase and Kraken.
A more pro-innovation stance has marked this new direction, moving away from the regulation-by-enforcement approach seen during Gensler’s tenure. Among the changes: roundtable meetings by the Crypto Task Force, now led by Commissioner Hester Peirce.
Meanwhile, U.S. President Donald Trump’s pick for new SEC Chair Paul Atkins is expected to take over in coming weeks.
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