Ripple Labs vs SEC
SEC v. Ripple Labs, Inc. Lawsuit Timeline and Notes
Last Updated: June 28, 2025, 10:15 AM CDT
Welcome to a detailed yet digestible timeline of the landmark SEC v. Ripple Labs, Inc. lawsuit, a case that has shaped the cryptocurrency landscape. This post tracks key events, rulings, and market impacts, offering insights into XRP’s legal journey. Let’s dive in!
Overview
The SEC filed a lawsuit against Ripple Labs on December 21, 2020, alleging $1.3 billion in unregistered securities sales via XRP. After years of legal battles, the case saw pivotal rulings, including the July 13, 2023, decision that XRP’s programmatic sales aren’t securities. Recent developments in June 2025 signal a potential close, though uncertainties remain. Below is the full timeline.
Timeline of Key Events
| Date | Event |
|---|---|
| Dec 21, 2020 | SEC files lawsuit vs. Ripple Labs, Garlinghouse, and Larsen in SDNY, alleging $1.3B in unregistered XRP sales. (Case: 20-cv-10832) |
| Mar 3, 2021 | XRP holders, led by John E. Deaton, challenge SEC’s claim that XRP is a security. |
| Mar 22, 2021 | Judge Netburn rules XRP distinct from Bitcoin and Ethereum in utility and value. |
| Apr 13, 2021 | SEC’s Hester Peirce publishes Token Safe Harbor Proposal 2.0, aiding crypto regulation. |
| Jun 14, 2021 | Court extends SEC’s deadline to disclose internal crypto trading policies. |
| Aug 31, 2021 | Ripple files motion for SEC to disclose crypto trading policies. |
| Jan 24, 2022 | Judge Netburn grants SEC until Feb 17, 2022 to appeal ruling on Hinman documents. |
| Sep 17, 2022 | SEC and Ripple file motions for summary judgment. |
| Nov 7, 2022 | LBRY loses similar SEC case, impacting XRP market value. |
| Nov 30, 2022 | SEC and Ripple submit final summary judgment replies, public on Dec 2, 2022. |
| Dec 22, 2022 | SEC attempts to block public release of Hinman documents. |
| Jan 13, 2023 | Daubert Motion filings from SEC, Ripple, Garlinghouse, and Larsen made public. |
| Jan 2023 | Coinbase and others file amicus briefs supporting Ripple. |
| Mar 6, 2023 | Judge Torres excludes certain expert testimonies from summary judgment. |
| Apr 16, 2023 | John E. Deaton shares 2018 video of SEC Chair Gary Gensler on regulation. |
| Jun 13, 2023 | Hinman documents unsealed, revealing SEC’s crypto views. |
| Jul 13, 2023 | Judge Torres rules XRP not a security for programmatic sales, but a security for institutional sales, violating Section 5. |
| Aug 15, 2023 | Judge Torres approves SEC’s interlocutory appeal; notice filed for investment banker. |
| Aug 24, 2023 | Ripple, Garlinghouse, and Larsen file trial availability for Q2 2024; SEC notes unavailability for Apr/May. |
| Oct 2023 | SEC drops charges against Garlinghouse and Larsen. |
| Feb 12, 2024 | Deadline for remedies-related discovery completion. |
| Mar 19, 2024 | Ripple and SEC submit joint proposal for sealing/ redacting remedies-phase documents. |
| Mar 22, 2024 | SEC files sealed opening remedies brief. |
| Mar 25, 2024 | SEC and Ripple discuss redactions for SEC’s opening brief. |
| Mar 26, 2024 | SEC files public, redacted version of remedies brief. |
| Apr 12, 2024 | Ripple files opposition to SEC’s remedies brief. |
| Apr 22, 2024 | Ripple files opposition brief, with redactions if needed. |
| Apr 23-24, 2024 | Redaction discussions for Ripple’s opposition brief; public version filed. |
| Apr 29, 2024 | SEC files reply to Ripple’s opposition brief. |
| May 6-8, 2024 | SEC submits sealed reply brief, followed by redaction discussions and public filing. |
| May 20, 2024 | Deadline for public opposition to sealing remedies- related materials. |
| Aug 7, 2024 | Judge Torres orders Ripple to pay $125M for institutional sales violations; injunction issued. SEC’s $2B request denied. XRP price spikes 26%. |
| Oct 3, 2024 | SEC and Ripple file appeals in Second Circuit. SEC challenges programmatic sales ruling; Ripple contests institutional sales. |
| Oct 24, 2024 | Ripple submits Form C for cross-appeal. $125M penalty placed in escrow. |
| Oct 31, 2024 | Second Circuit orders SEC to file appellate brief by Jan 15, 2025. |
| Dec 23, 2024 | Bradley Sostack submits mediation questionnaire in separate lawsuit. Appeals transcript due Dec 31, 2024. |
| Jan 15, 2025 | SEC files appellate brief, arguing misapplication of Howey Test. |
| Mar 6, 2025 | Sostack files opening brief in his appeal against Ripple and Garlinghouse. |
| Mar 19, 2025 | Ripple announces SEC will abandon appeal. |
| Apr 7, 2025 | Ripple, Garlinghouse, and XRP II respond to Sostack’s appeal brief. |
| May 2, 2025 | Ripple’s Chief Legal Officer Stuart Alderoty explains SEC’s appeal withdrawal. |
| May 5, 2025 | Ripple releases Q1 2025 XRP Markets Report, highlighting lawsuit resolution. |
| May 7, 2025 | SEC and Ripple file settlement agreement, proposing $50M penalty and injunction dissolution. |
| May 8, 2025 | Initial settlement agreement filed on May 7, 2025, proposing a $50M penalty and injunction dissolution, is submitted for court approval but remains pending due to procedural issues. |
| May 15, 2025 | Judge Torres rejects indicative ruling request, requiring refiling under Rule 60. |
| Jun 12, 2025 | SEC and Ripple file joint motion in SDNY to finalize settlement, requesting dissolution of Aug 7, 2024, injunction, release of $125M escrow ($50M to SEC, remainder to Ripple), and dismissal of Second Circuit appeals. Status report due Jun 16, 2025. |
| Jun 16, 2025 | SEC submits status report requesting Second Circuit to pause appeals until Aug 15, 2025, to allow district court ruling on Jun 12 joint motion. |
| Jun 17, 2025 | Ripple files supplemental letter to Judge Torres supporting Jun 12 joint motion for indicative ruling to finalize $50M settlement, dissolve injunction, and release $125M escrow ($50M to SEC, $75M to Ripple). |
| Jun 17, 2025 | SEC and Ripple jointly request Second Circuit to continue holding appeals in abeyance, with SEC to provide status update by Aug 15, 2025, pending district court’s decision. |
| Jun 26, 2025 | Judge Analisa Torres denies the joint motion by Ripple and the SEC for an indicative ruling, halting the proposed $50M settlement and maintaining the Aug 7, 2024, injunction, leaving XRP’s legal status for institutional sales unresolved. Ripple’s Chief Legal Officer Stuart Alderoty announces the company must decide whether to dismiss the appeal on historic institutional sales or proceed, with XRP’s non-security status for programmatic sales unchanged. |
| Jun 27, 2025 | Ripple CEO Brad Garlinghouse announces Ripple will drop its cross-appeal, and the SEC is expected to drop its appeal, effectively closing the legal chapter. The focus shifts to building the “Internet of Value” on the XRP Ledger. This follows Judge Torres' Jun 26, 2025, denial of the indicative ruling, with XRP’s legal status for programmatic sales remaining unchanged as a non-security. |
Key Insights
Quote: “We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value.” – Brad Garlinghouse, Jun 27, 2025.
- Pivotal Rulings: The Jul 13, 2023, ruling clarified XRP’s dual status, while the Aug 7, 2024, $125M fine and the proposed $50M settlement (May 2025) shaped the case’s trajectory.
- Market Impact: XRP saw a 26% price spike post-Aug 2024 and a 3.5% rise to a $134.2B market cap after Jun 27, 2025, per CoinGecko data.
- Policy Shift: The SEC’s de-escalation under Chair Paul Atkins (appointed Jan 2025) and the Kraken case drop (Jun 20, 2025) signal a new regulatory approach.
Conclusion
This timeline captures the SEC v. Ripple saga’s evolution, from uncertainty to a potential resolution. Stay tuned for updates as the crypto world watches XRP’s next chapter unfold. What are your thoughts on this outcome? Share below!
Last Updated: June 28, 2025, 10:15 AM CDT