SEC v. Ripple Labs (2020-2026)
event
The government's landmark crypto lawsuit ended with a fraction of the fine it wanted — and Ripple walked.
Who they are
The SEC's lawsuit against Ripple Labs and its executives over XRP, running from 2020 to 2026.
What they do
A long court fight over whether selling XRP counted as selling unregistered securities.
How it works
The SEC sued in December 2020 claiming $1.3B+ in illegal XRP sales; in July 2023 Judge Analisa Torres ruled that open-exchange sales were NOT securities but big institutional sales were; the August 2024 final judgment was a $125M penalty (versus the $2B the SEC asked for), and by August 2025 both sides dropped their appeals and the SEC ended the case.
Why it matters
The ruling stuck as the final word, largely vindicating Ripple and shaping how US law treats crypto sales.
The engine's record — word for word
Securities and Exchange Commission complaint filed Dec 22 2020 alleging Ripple, Garlinghouse, Larsen sold $1.3B+ XRP as unregistered securities. Judge Analisa Torres summary judgment July 13 2023 — programmatic exchange sales NOT securities, institutional sales WERE unregistered offerings. Aug 7 2024 final judgment: $125M penalty (vs SEC-requested $2B) + permanent §5 injunction. Aug 2025 both parties withdrew cross-appeals — Atkins SEC formally terminated litigation. Cementing case ruling as final.
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