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- The SEC has dropped litigation against Kraken, ConsenSys, and Cumberland DRW LLC.
- Crypto.com also confirmed via an announcement that SEC dropped probe into the firm.
- Ripple’s name has been left out from the list because the SEC needs to go back to Judge Torres.
The U.S. Securities and Exchange Commission (SEC) has dismissed enforcement actions against crypto firms Kraken, ConsenSys, and Cumberland DRW LLC. These cases were dropped via joint stipulations filed “with prejudice,” meaning the agency cannot refile the same claims later. Notably, the SEC also recently closed its investigation into trading platform Crypto.com without pursuing any enforcement action.
Why is Ripple’s Absence from Dismissals Notable?
These moves appear part of a broader regulatory shift observed under the Donald Trump administration, which previously saw dropped cases involving Coinbase, Robinhood, Uniswap Labs, and OpenSea.
However, one prominent name was absent from this latest list of dismissals: Ripple.
Despite Ripple achieving its own recent positive legal developments, the fintech firm’s long-standing SEC battle remains formally unresolved, unlike these others.
Related: XRP’s Next Chapter? Analysts See “Price Discovery” Mode After SEC Settlement
What is the Background of Ripple’s SEC Case?
Ripple’s legal conflict with the SEC dates back to 2020. At that time, the agency accused the company of raising $1.3 billion through unregistered securities offerings by selling its XRP token.
Following lengthy court proceedings, a key ruling came in 2023 from a U.S. District Judge. She found that Ripple’s XRP sales to retail investors on public exchanges did not violate securities laws, but determined that $728 million worth of direct XRP sales to institutional investors did constitute unregistered offerings, initially leading to a significant penalty phase.
Related: SEC Lets Another One Go: Crypto.com Investigation Closed Without Action
More recently, further progress occurred on March 19, 2025, when the SEC dropped its planned appeal against parts of that 2023 ruling. As part of a final settlement related to the institutional sales finding, Ripple also successfully recovered $75 million of the initially proposed fine amount, reducing its final payment obligation to $50 million.
Ripple’s chief legal officer, Stuart Alderoty, characterized this outcome as a significant win for the company.
Why Hasn’t Ripple’s Case Been Formally Dropped Yet?
Despite this settlement and the SEC dropping its appeal, the agency has not formally withdrawn its entire case against Ripple in the same “with prejudice” manner it employed for Kraken and the others.
FOX Business journalist Eleanor Terrett highlighted a key procedural difference explaining this situation. Before the SEC can fully and formally withdraw its original claims against Ripple, the agency must first navigate specific steps within the Southern District of New York (SDNY).
Specifically, the SEC needs to request that Judge Analisa Torres lift the standard injunction previously placed against Ripple related to those institutional sales. Only after that injunction is potentially lifted by the court can the SEC commissioners formally vote to end the case entirely.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
