CRYPTO SEC_LITIGATION FINTECH

SEC v. Ripple Labs Inc.

2020-CV-10832 S.D.N.Y. Filed December 29, 2022
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AI Intelligence Summary

Landmark case determining whether XRP cryptocurrency constitutes a security under the Howey test. The court's partial summary judgment found that programmatic sales on exchanges did not constitute securities offerings, while institutional sales did.

Key Issues

  • • Howey test application to crypto
  • • Programmatic vs institutional sales
  • • Digital asset classification

Case Timeline

2 events
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Order March 28, 2026

Remedies Order — $125M Fine

Court orders Ripple to pay $125 million civil penalty, significantly less than SEC's $2 billion request.

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Ruling September 24, 2025

Summary Judgment — Programmatic Sales

Court rules that XRP sales on exchanges to retail buyers do not constitute securities transactions under Howey.

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