Ripple agrees to a $75M settlement with the Securities and Exchange Commission
As of late July 2025, the SEC vs. Ripple settlement remains unresolved and in limbo, with both parties having filed appeals on different parts of the earlier court ruling [1][3][4]. Ripple is reportedly ready to drop its cross-appeal, but the SEC is still undergoing an internal approval process before it can officially withdraw its appeal, which is necessary for the ruling to fully take effect [1][3][4].
The court-approved delay has extended discussions until at least August 15, 2025, when both parties must update the court on any progress toward resolution [1]. The delay results from appeals filed by both sides; Judge Analisa Torres denied the SEC’s request to reconsider her decision, and the case now proceeds before the Court of Appeals [2][3].
In December 2020, the SEC sued Ripple, alleging that sales of the company’s XRP token constituted offering an unregistered security [5]. The SEC's decision not to enforce the law if Ripple sells unregistered XRP tokens to institutional investors could create a regulatory vacuum with no end in sight [6]. However, the court rejected requests to reduce Ripple’s penalties or injunction based on changed agency policy [2].
Ripple is pursuing growth opportunities amid legal uncertainties, including applying for a U.S. national banking license despite opposition from banking groups [1]. The legal uncertainty has caused notable XRP price volatility, with speculations tied to potential XRP spot ETF approvals hinging on the suit's resolution [4].
Regarding SEC Commissioner Caroline Crenshaw's dissent, none of the recent information explicitly references her dissent or its impact on the case. If Commissioner Crenshaw has publicly dissented or otherwise expressed a differing opinion, no authoritative sources from the current search results address its effect on the ongoing settlement or legal process [2][3].
The SEC's decision to settle with Ripple is based on its judgment that the resolution will facilitate its efforts to reform and renew its regulatory approach to the crypto industry [7]. If the court agrees, $125 million held in escrow would be released, with the SEC holding on to $50 million and Ripple receiving the rest [8]. It is worth noting that the SEC, during Trump’s second term, dropped several lawsuits and enforcement actions against firms like Robinhood, Coinbase, Gemini, and Kraken [9].
The SEC's retreat from its more aggressive stance on crypto enforcement under the Biden administration is a major facet of the expected loosening of financial regulations under President Donald Trump. Commissioner Crenshaw has expressed concern about the SEC’s acceptance of a diluted settlement that erases investor protections already won, based on a non-existent future framework that may or may not come to fruition [10].
References:
- CoinDesk
- Bloomberg
- Reuters
- The Block
- SEC
- CNBC
- The Hill
- The Wall Street Journal
- CNBC
- The Block
In the ongoing legal standoff between Ripple and the SEC, the delay in the settlement decision might influence the fintech industry's regulatory landscape, given the potential impact on technology-driven business models and finance. If the SEC finalizes its internal approval process, it could pave the way for a resolution that may influence the future of blockchain and cryptocurrency in the broader industry.
