Ripple opts not to cross-appeal as SEC case nears resolution

The SEC declined to comment. Alderoty noted that this would all be subject to a commission vote, final documents and standard court processes. 

U.S. District Court for the Southern District of New York Judge Analisa Torres ruled in July 2023 that some of Ripple’s sales, called programmatic, of XRP did not violate securities laws because of a blind bid process in place for them. Torres, however, ruled that other direct token sales to institutional investors were securities.

That second part regarding institutional investors meant that Ripple would be fined $125 million. 

The SEC has taken on a new direction since the new Trump administration rolled in, following former Chair Gary Gensler's exit in January. Under the previous Biden administration, Gensler had said most cryptocurrencies were securities and called on crypto platforms to register with the agency. While the agency brought cases against major crypto exchanges and firms under Gensler’s reign, the case against Ripple was brought before Gensler became chair.

Over the past several weeks, the SEC has rescinded controversial crypto accounting guidance,  looked to re-examine rules affecting crypto, created a crypto task force and issued statements on memecoins and proof-of-work .