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.
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.
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.
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.“
To clarify:
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.
No, while Ripple CEO Brad Garlinghouse declared a win in March 2024, the lawsuit is not officially finalized. Both sides are still working through legal steps, with an update potentially arriving around August 15.
Ripple and the SEC had agreed to drop appeals contingent on certain conditions (vacating injunction, lowering penalties), but the judge refused these. Now, they plan to drop appeals anyway, meaning the earlier ruling against Ripple officially stands.
August 15 is a date being discussed for further clarity on the Ripple vs. SEC case. Until then, despite earlier declarations, the lawsuit is not fully closed in the legal sense.
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