Ripple's legal fight with the SEC is close to ending

The $125 million fine and permanent ban on institutional XRP sales are still on the table, and Ripple is pushing back.

The legal battle between Ripple and the SEC appears to be nearing its end, but not without some pushback from the company.

According to former Fox Business journalist Eleanor Terrett, who cites “two well-placed sources,” the case is now being finalized. However, Ripple’s legal team is still negotiating for better terms, which is why things are dragging on.

The company is refusing to accept the August ruling, which imposed a $125 million fine and permanent ban on institutional XRP sales, as doing so would mean admitting wrongdoing, and the new SEC itself seems unsure if any wrongdoing even happened. Moreover, with the agency’s new leadership clearing enforcement actions for Coinbase, Kraken, and Gemini, Ripple is pushing back and questioning why it’s still the only one paying the price.

Eleanor stated on X:

“This is taking longer than the rest of the cases to wind down because there's no real playbook for this.

Accepting the Torres ruling as it stands would mean that Ripple is essentially agreeing to admit to wrongdoing — but now the SEC itself is seemingly unsure whether any wrongdoing occurred.

At the same time, Franklin Templeton has now filed for an XRP ETF, joining an existing list that includes Canary Capital, WisdomTree, Bitwise, CoinShares, and 21Shares.

The push for XRP ETFs is part of a broader trend following the success of spot Bitcoin ETFs, which have now reached nearly $100 billion in assets.

With pro-crypto president Donald Trump back in office, some analysts say his policies could be incredibly good for XRP over the next four years.

Under Gary Gensler, the SEC went after Ripple aggressively, arguing that XRP sales violated securities laws, but with Gary out and new leadership in charge, the crypto industry has been getting some breathing room.

Discussing the implications of the pending Payer Plans, Chaeli Brenhall, an analyst at Factor+, highlighted that a no-action letter from the SEC could open the door for broader institutional participation in crypto.

"If the administration does not appeal the ruling by August 28, it will stand, and we can expect to see broader implications for the crypto industry. For example, if the ruling is not appealed, it could open the door for broader institutional participation in crypto in the U.S., especially with respect to digital asset securities offerings."

Highlighting the broader impact of the case, Brenhall added:

"The outcome of this case will have far-reaching consequences for the future of digital assets in the U.S. legal landscape."

Garlinghouse himself said last year that an XRP ETF in the U.S. is “inevitable.” He pointed to growing demand from both institutional and retail investors. But until the SEC decides what to do with Ripple, the future remains uncertain.