Ripple Spent $150M Fighting SEC: ‘We Still Have a Cross-Appeal Pending’

Ripple CEO Brad Garlinghouse outlined the company’s next steps after the U.S. Securities and Exchange Commission (SEC) decided to drop its appeal, calling the decision a significant victory for Ripple and the broader cryptocurrency industry.

“This provides a lot of certainty for Ripple—for, frankly, me personally because the SEC had sued me,” he stated in a March 19 interview with Bloomberg. “The SEC has abandoned their appeal. They filed suit in December of 2020. We won on the key parts of the case in the summer of 2023. Judge Torres made a ruling that XRP in and of itself was not a security.” He further explained: “The SEC filed an appeal about eight months ago, and what they’ve now agreed is they’re going to drop that appeal.” Referring to Ripple’s cross-appeal filed in October 2024, Garlinghouse revealed:
We still have a cross-appeal pending, and so we go from being defendant really to plaintiff. So we now are in the driver’s seat to determine how we want to proceed.

Garlinghouse also announced the news on social media platform X, writing: “This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let’s build.”

The Ripple executive emphasized the shift from defense to offense following the lengthy legal battle, which cost the company over $150 million. “It feels a lot better to be on the offense than the defense. Four years, we spent over $150 million defending that case—not just for Ripple but for the whole industry. I think it was really important that this SEC, the Gensler SEC, was really trying to bully and continue lawfare, filing lawsuits and lawsuits and lawsuits against crypto companies. That’s over now, and I think that’s great for the U.S. crypto industry and frankly great for crypto at large,” he said.

While Ripple could choose to end the legal proceedings entirely, the company is still evaluating whether to challenge aspects of the ruling, particularly a $125 million penalty that’s currently sitting in escrow. Garlinghouse remarked:

At this point, all we’re fighting for is do we want to fight to get the $125 million back.

“Would I have walked away from that before they appealed, before President Trump put Paul Atkins and Scott Bessent and David Sachs as critical, key, very smart leaders in this industry to bring this industry back onshore? I would have walked away. Now you look at that, and you’re like, this case under this SEC never would have been brought,” he opined.

Beyond the lawsuit, Garlinghouse argued that the SEC’s case was “doomed from the start” and served as an attack on the cryptocurrency industry. He claimed Ripple was not only on “the right side of the law” but also on “the right side of history,” criticizing the SEC’s approach under former Chair Gary Gensler as an attempt to “intimidate and terrorize” crypto firms.

Ripple’s chief legal officer, Stuart Alderoty, also weighed in on X, stating: “Today, Ripple moves forward—stronger than ever. This landmark case set a precedent for the domestic crypto industry.” He added: “With the SEC dropping its appeal, Ripple is now in the driver’s seat and we’ll evaluate how best to pursue our cross-appeal. Regardless, today is a day to celebrate this victory.” With legal uncertainties fading, Ripple is shifting its focus toward industry growth, acquisitions, and regulatory engagement, aiming to cement its place in the evolving crypto landscape.