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Brad Garlinghouse, Ripple’s chief, announced that the company is withdrawing its cross-appeal against the US Securities and Exchange Commission (SEC) and expects the regulator to follow suit.

 

Garlinghouse stated, “Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously stated.” “We’re finally ending this chapter and focusing on what matters most: creating the internet of value.”

He added, “Lock in.” The announcement comes after the US District Court denied a joint motion filed by the SEC and Ripple, which sought an indicative ruling to reverse an order that categorized primary sales of XRP to institutional investors as securities transactions under Article 5 of the Securities Act and to reduce a $125 million civil penalty.

The Court concluded that “Ripple’s willingness to push the boundaries of the [Summary Judgment] Order evinces a likelihood that it will eventually, if it hasn’t already, cross the line,” which is why it partially granted the SEC’s request for an injunction and a civil penalty, according to Judge Analisa Torres.

The SEC’s main claim was that Ripple had violated federal securities laws by selling XRP as an unregistered security, raising $1.33 billion. Garlinghouse argued in August 2024 that Torres’ $125 million fine against Ripple Labs was “a victory” for the company, noting that it was a 94% reduction from the SEC’s initial $2 billion damage claim.