Ripple Vanquishes SEC Overreach in Final Legal Victory

August 07, 2024 at 21:24 PM EDT

Today's Ruling Is Yet Another Victory For Ripple After Nearly Four Years Of Misguided SEC Attacks

Ripple, the leading provider of enterprise blockchain and crypto solutions, announced today the end of its years-long fight with the U.S. Securities and Exchange Commission (SEC). In what is seen as a clear victory for Ripple, the Court issued a remedies order imposing a $125 million penalty for certain historic unregistered sales of XRP to sophisticated third party institutions - far below the unprecedented $2 billion in fines and penalties that the SEC requested.

The Court’s rejection of the SEC's request is another monumental win for Ripple and the broader XRP community. The Court made clear that there were no victims because none of the third parties lost any money. Ripple respects the Court's decision and plans to pay the penalty using our healthy balance sheet.

"The Court's decision today shows that the SEC's overreach and absurdity was on full display - their last ditch effort to extort our company was off by 94%," said Ripple CEO Brad Garlinghouse. "By rejecting the SEC's last-gasp attempt to extract unwarranted remedies from us, the Court confirms what we've always known: Chair Gensler's SEC is detached from reality, ignores facts, and operates outside the law. Despite Chair Gensler's best efforts, both Ripple and the broader crypto industry have emerged from this chapter stronger than ever.”

This victory is the fourth consecutive triumph for Ripple against the SEC. Leading up to today's decision, the Court declared "XRP is not in and of itself a security" and denied the SEC's request for an interlocutory appeal. The SEC subsequently dropped claims it brought against Ripple CEO Brad Garlinghouse and Co-founder and Executive Chairman Chris Larsen.

For over 10 years, Ripple has been the industry leader providing financial institutions with simple, secure and compliant digital asset infrastructure. The company’s payment and custody infrastructure continues to experience global growth, with live custody offerings in 20 jurisdictions and payments solutions available in 80+ payout markets, representing more than 90% of the global foreign exchange market.

About Ripple

Ripple is the leading provider of digital asset infrastructure for financial institutions—delivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple’s solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple’s payments, custody and stablecoin solutions are pioneering the digital asset economy—building credibility and trust in enterprise blockchain. Together with customers, partners and the developer community, we are transforming the way the world creates, stores, manages and moves value.