Back in March 2024, Ripple CEO Brad Garlinghouse made headlines by declaring a win in Ripple’s long-running legal battle with the U.S. Securities and Exchange Commission (SEC). In a video message, Garlinghouse confidently said, “This case has ended. It’s over.”
At that time, the SEC had decided to drop its lawsuit against Ripple, and it seemed like the fight was finally finished. But months later, new developments have raised fresh questions about whether that announcement came too early.
What’s Happening Now?
Since March, both Ripple and the SEC have been working through final legal steps. Ripple agreed to drop its cross-appeal, while the SEC said it would drop its own appeal as well. However, nothing has been officially finalized yet.
A date that’s now being talked about is August 15, when further clarity could arrive. Until then, the case isn’t fully closed in the legal sense, even though Ripple declared it so months ago.
Was Brad’s Announcement Premature?
Former SEC lawyer Marc Fagel believes Garlinghouse’s victory speech may have been too soon. Fagel explained that if the CEO of a public company made a statement like that while legal details were still unsettled, the SEC would usually be very concerned.
You’re just not understanding. The parties agreed to drop their appeals contingent on the district court vacating the injunction and lowering the penalties. The district court refused to do so. So now they plan to dismiss the appeals subject to the existing injunction. Get it?
— Marc Fagel (@Marc_Fagel) July 11, 2025
He added, “I haven’t read all his comments, and I’m sure he was careful not to say anything explicitly false, but as this conversation shows, he confused a lot of people.“
What’s the Real Situation?
To clarify:
- Ripple and the SEC had agreed to drop their appeals, but only if a judge first agreed to change earlier rulings and lower penalties against Ripple.
- The judge refused to do so.
- Now, both sides plan to drop their appeals anyway — but the earlier ruling against Ripple will still officially stand.
So, while the lawsuit’s most heated parts are essentially over, the final legal status is a bit more complicated than Brad’s March video suggested.
