Ripple XRP vs. SEC Case Follow-up
The US Securities and Exchange Commission sued Ripple, alleging XRP is an unregistered security.
Event Timeline
SEC Sues Ripple—XRP Alleged as Unregistered Security
The SEC accused Ripple and its executives of illegally issuing XRP as an unregistered security, causing significant price volatility in the XRP market.
Judge Rules XRP Sales on Exchanges Not Securities
US District Judge Analisa Torres ruled that XRP sales on secondary markets (exchanges) do not constitute securities transactions, causing XRP's price to surge over 70% that day.
SEC Drops Charges Against Ripple Executives
The SEC voluntarily dropped charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, shifting the case's focus to the company's actions.
SEC Appeals, Case Moves to Next Stage
The SEC appealed the previous ruling, moving the case to the US Second Circuit Court of Appeals. The trial is ongoing.
SEC Withdraws Appeal, Major Turning Point
The SEC announced the withdrawal of its appeal regarding XRP exchange sales, with some commentators suggesting this reflects a shift in regulatory strategy.
Ripple and SEC Reach Settlement, Fine Confirmed
The parties reached a final settlement, with Ripple paying a $50 million civil penalty, lower than the previously proposed $125 million, marking the official end of the case.
SEC Issues New Regulatory Guidance
The SEC released a new policy framework clarifying that 'meme coins' and other non-traditional projects are not considered securities, and plans to reduce enforcement actions against crypto projects.
XRP Price Rises to $2–$3 Range
Following the case's conclusion and regulatory changes, XRP's market price rose to the $2–$3 range from January to April, reflecting public market performance.