What happened with the SEC lawsuit against Ripple?
Reviewed by AllAboutXRP Editorial on August 24, 2026
Quick Answer
The SEC sued Ripple in December 2020 over offers and sales of XRP. The district court reached different results for institutional, programmatic, and other transactions. After both appeals were dismissed in August 2025, the $125,035,150 final judgment and injunction remained in effect.
The SEC filed its civil action against Ripple, Bradley Garlinghouse, and Christian Larsen in December 2020. The case concerned offers and sales of XRP and whether particular transactions were unregistered investment contracts.
Major decisions
In July 2023, the district court reached different conclusions for institutional sales, programmatic exchange sales, and other distributions. It did not issue a universal rule for every XRP transaction. Claims against the individual executives were later dismissed.
In August 2024, the court entered a final judgment imposing a $125,035,150 civil penalty on Ripple and an injunction against future violations of the registration provisions. The parties later proposed a modification that would have involved $50 million, but the court did not implement it.
Final status
On August 7, 2025, the SEC and defendants filed a joint stipulation dismissing the SEC's appeal and Ripple's cross-appeal. The SEC's litigation release says the $125,035,150 judgment and injunction remain in effect.
The careful conclusion is that the enforcement action is resolved, while its holdings remain transaction-specific. ETF listings, exchange availability, or later policy changes do not rewrite the judgment.