What's Next in SEC v. Ripple?
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While the SEC case against Ripple was decided solidly in Ripple’s favor, the takeaways for the rest of the industry are limited.
Last week, a federal judge ruled that Ripple should pay $125 million after finding last year that the company had violated federal securities laws with its direct sales of XRP to institutional clients. It's a fraction of the $2 billion that the SEC sought, and – for now anyway – ends the long-running case that began around Christmas 2020.
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Closed case
The narrative
SEC v. Ripple is nearly four years old. Now it's over. Maybe.
Why it matters
The case was among the first major protracted ones between the U.S. Securities and Exchange Commission and a crypto industry player. Previous SEC cases against companies like Kik and Telegram ended relatively quickly. Ripple fought, and the results will be dissected as the industry looks at the SEC's ongoing cases against exchanges and other crypto companies.
Breaking it down
To quickly recap: The SEC sued Ripple in late December 2020, alleging Ripple sold XRP in violation of securities laws.
The suit worked its way through the Southern District of New York court until July 2023, when Judge Analisa Torres ruled that while Ripple had violated federal securities laws in how it sold XRP directly to institutional clients, the company hadn't violated any laws through its selling XRP to exchanges which then made the token available to retail clients.
