He wrote:
“We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value.”
The SEC sued Ripple in December 2020, alleging it conducted an unregistered securities offering by selling XRP tokens to institutional investors. In July 2023, Judge Torres ruled that while XRP itself is not a security and secondary market sales do not violate securities laws, Ripple’s direct sales to institutional investors did constitute unregistered securities offerings.
The ruling was considered a landmark split decision, with Ripple securing a major victory for the industry in clarifying that programmatic sales and secondary market trading of XRP do not fall under SEC jurisdiction. However, the finding on institutional sales posed potential financial penalties for Ripple.
The outcome preserves XRP’s legal clarity in the U.S. market while finalizing the company’s settlement exposure. Ripple is expected to pay a civil penalty related to institutional sales, though the final amount is yet to be determined.
With both appeals set to be withdrawn, the case closes a chapter that has defined crypto’s regulatory landscape for nearly five years. Ripple now plans to shift its focus back to expanding global payment corridors, token utility, and adoption of its XRP Ledger as it advances its vision for an Internet of Value.
