SEC Says XRP Case Still Under Appeal While Ripple Claims It’s Settled

In what may be the final chapter of the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple CEO Brad Garlinghouse recently claimed that the case has been settled. According to Ripple’s Chief Legal Officer (CLO), the SEC has dropped its appeal, while Ripple has also decided to drop its cross-appeal. Additionally, Ripple will now only pay a $50 million fine, a significant reduction from the original $125 million penalty proposed earlier.

However, despite these claims, the SEC has yet to confirm the settlement, leading to continued uncertainty about the case’s actual status. The SEC’s response has raised more questions than answers, particularly after it filed an opposition to an “emergency request to present decisive evidence” in favor of Ripple. This filing, submitted by a man named Justin W. Keener, is aimed at providing what he claims to be decisive evidence that could help Ripple in its case against the SEC.

In the latest developments, the SEC has opposed Keener’s motion for several reasons. According to the SEC, the District Court no longer has jurisdiction over the request, as the case has already moved to the Second Circuit Court of Appeals. The SEC also argues that Keener did not follow the proper legal procedures to intervene in the case and that Ripple itself is capable of deciding whether the evidence is useful to its case. The SEC is asking Judge Torres to deny the motion entirely.

Attorney Bill Morgan pointed out an interesting detail in the SEC’s opposition filing. The SEC appeared to contradict Ripple’s recent claims of settlement by writing to Judge Torres that the case is still in the appeal process. This leaves the situation unclear—while Ripple insists the case is settled, the SEC maintains that the matter is still under appeal. This odd situation has sparked confusion and left many wondering what the actual status of the case is.