Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26369 / Aug. 7, 2025

Securities and Exchange Commission v. Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen, Case No. 1:20-cv-10832 (S.D.N.Y. filed Dec. 22, 2020); Appeal Nos. 24-2648(L) and 24-2705 (XAP) (2d Cir.)

SEC Announces Joint Stipulation to Dismiss Appeals, Resolving Civil Enforcement Action Against Ripple and Two of Its Executives

The Securities and Exchange Commission today filed a Joint Stipulation of Dismissal entered into with defendants Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen (“Defendants”) that dismisses the Commission’s appeal and Ripple’s cross-appeal pending in the United States Court of Appeals for the Second Circuit, and resolves the Commission’s civil enforcement action against Defendants. Those cross-appeals followed a final judgment by the district court that imposed a $125,035,150 civil penalty against Ripple and an injunction prohibiting Ripple from violating the registration provisions of the Securities Act of 1933.  Following the dismissal of the cross-appeals, that final judgment will remain in effect.