{"id":10233,"date":"2025-03-25T20:48:33","date_gmt":"2025-03-25T19:48:33","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=10233"},"modified":"2025-03-25T20:48:33","modified_gmt":"2025-03-25T19:48:33","slug":"ripple-withdraws-cross-appeal-in-sec-case-set-to-receive-refund-from-lower-court-decision","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/25\/ripple-withdraws-cross-appeal-in-sec-case-set-to-receive-refund-from-lower-court-decision\/","title":{"rendered":"Ripple Withdraws Cross-Appeal in SEC Case, Set to Receive Refund from Lower Court Decision"},"content":{"rendered":"

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The legal matter involving blockchain company Ripple Labs and the US Securities and Exchange Commission (SEC) may be nearing its conclusion following more than four years, pending court endorsement.<\/p>\n

As per a March 25 post on X from chief legal officer Stuart Alderoty, which may be \u201cthe final update on SEC v. Ripple ever,\u201d the executive stated<\/a> that Ripple will withdraw its cross-appeal against the SEC in the US Court of Appeals for the Second Circuit. A judgment from the US District Court for the Southern District of New York in August 2024 holding Ripple responsible for $125 million will essentially remain intact, but the SEC will retain only $50 million of that in escrow \u2014 the rest will be refunded to Ripple.<\/p>\n

\u201cThe agency will also petition the Court to revoke the standard injunction that was previously implemented at the SEC\u2019s behest,\u201d Alderoty mentioned. \u201cAll dependent on Commission vote, the preparation of final documents, and standard court procedures.\u201d<\/p>\n

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Statement from Ripple chief legal officer regarding recent developments in SEC case. Source: <\/em>Stuart Alderoty<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Alderoty’s declaration came less than a week after Ripple CEO Brad Garlinghouse indicated that the SEC<\/a> would withdraw its appeal concerning the August 2024 ruling. At the moment of publishing, neither the SEC nor Ripple seemed to have submitted any documents in the Second Circuit since January 31 or in SDNY since October.<\/p>\n

The Ripple CLO informed Cointelegraph on March 11<\/a> that an agreement between both Ripple and the SEC to withdraw their individual appeal and cross-appeal would allow the lower court\u2019s $125-million ruling to persist. However, both parties could approach SDNY Judge Analisa Torress to seek a modification of the ruling \u201chand-in-hand.\u201d<\/p>\n

Related: <\/strong><\/em>Coinbase requests appeals court to determine that crypto trades are not securities<\/strong><\/em><\/a><\/p>\n

The situation remains ambiguous regarding whether Ripple also plans to forfeit its appeal concerning a July 2023 court ruling that mainly designated XRP sales to retail investors as unregistered securities. Cointelegraph reached out to Ripple for clarification but did not receive a reply at the time of publication.<\/p>\n