### **SEC Case Against #Ripple in Brief (10 Lines):**
1. **Accusation (2020)**: The SEC accused Ripple of selling XRP (worth $1.3 billion) as an unregistered "security."
2. **Main Ruling (2023)**: Judge Torres ruled that Ripple's **institutional** sales are securities, while public trading$XRP is not.
3. **Initial Fine**: Ripple was ordered to pay $125 million (August 2024).
4. **Appeal by Both Parties**: The SEC appealed the ruling on public trading, and Ripple appealed the classification of institutional sales.
5. **Rejection of Early Settlement**: The court rejected an agreement to reduce the fine to $50 million (June 2025).
6. **Final Settlement (May 2025)**: Ripple paid only $50 million and recovered $75 million from held funds.
7. **Dropping Charges**: The SEC dropped charges against executives and lifted the sales ban.
8. **Reason for Settlement**: Change in SEC leadership (Paul Atkins succeeding Gary Gensler) and support for clearer policies.
9. **Impact of the Case**: The classification of cryptocurrencies now depends on how they are sold (primary or secondary), not the asset itself.
10. **Outcome**: A strategic victory for Ripple through a reduced fine and lifting of regulatory ambiguity regarding $XRP .