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SEC and Ripple Sign Settlement Agreement: Historic Lawsuit Comes to an End! - Coin Bulletin
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) are ending years of legal battles with a settlement agreement that includes a $50 million penalty.
One of the lawsuits that has caused a huge stir in the crypto currency world and is shaping the future of the industry is finally about to conclude. Ripple Labs and the SEC have officially reached an agreement. This agreement, pending judicial approval, will put an end to the years-long legal struggle.
According to the settlement agreement filed in New York on Thursday, both parties agreed to a $50 million penalty. This figure represents only a portion of the $125 million penalty initially set by Southern District of New York Judge Analisa Torres last year. As part of the agreement, Ripple will reclaim a large portion of the penalty it previously paid.
(# The cryptocurrency policy changed under the Trump administration
This settlement came after a decision made in 2023 that sparked major debates in the industry. Judge Torres ruled in that decision that Ripple violated securities laws by selling its XRP token to institutional investors, but determined that placing XRP on exchanges for retail customers to purchase did not violate the laws.
The lawsuit was initially filed in 2020 during the tenure of then-SEC Chairman Jay Clayton, who is currently the Acting U.S. Attorney for the Southern District of New York. The SEC, led by former Chairman Gary Gensler, appealed Torres' decision, which led Ripple to file a cross-appeal. As part of the settlement agreement, both parties agreed to drop their lawsuits.
This development came after U.S. President Donald Trump's inauguration in January and the appointment of crypto-friendly Paul Atkins as the new head of the SEC. Under the Trump administration, the SEC entered a full-scale withdrawal process from a series of crypto investigations and lawsuits initiated during the Gensler era, and underwent a significant policy shift regarding crypto regulations.
You can trade XRP, the altcoin of Ripple that has an agreement with the SEC, on Binance TR to buy or sell.