In recent weeks, the U.S. Securities and Exchange Commission has officially dismissed enforcement actions against several major crypto firms. Kraken, ConsenSys, and Cumberland DRW LLC were all cleared through joint stipulations filed with prejudice, legally preventing the SEC from bringing the exact charges again.
The investigation into Crypto.com concluded with the agency taking no enforcement actions. Moreover, the agency continues its enforcement backtracking by ending probes of cryptocurrency companies such as Coinbase, Robinhood, Uniswap Labs, and OpenSea.
The recent SEC announcement failed to include Ripple among the dismissed firms even though both parties have agreed to end the prolonged legal dispute. The court proceedings between both parties ended with them reaching a definitive agreement that made the case inactive.
According to FOX Business reporter Eleanor Terrett, Ripple was not included in the SEC’s latest press statements because of one remaining procedural step. The SEC must still request that Judge Analisa Torres lift the injunction issued in 2023 concerning Ripple’s past XRP sales to institutional investors.
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SEC Must Clear Procedural Hurdle Before Final Ripple Announcement
Judge Torres previously ruled that while XRP sales to the general public did not violate securities laws, $728 million of institutional sales did. That ruling led to an injunction and initiated the case’s penalty phase.
Ripple later settled with the SEC, agreeing to pay $50 million after successfully negotiating a $75 million reduction from the initial proposal.
Ripple and the SEC resolved their issues, after which the SEC scrapped its planned appeal. All pending court proceedings regarding this case have concluded, and a final legal resolution has been reached.
Unlike the other two agencies, a public dismissal statement from the SEC about the Ripple case remains absent. The final termination notice will be published by the SEC after filing to remove the court-issued injunction and successfully complete commissioner voting.
Until then, Ripple remains absent from the list of publicly dismissed cases despite having already resolved all legal matters with the agency.
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