Keri Curtis Axel Speaks to Bloomberg Law about Ripple Labs Inc. SEC Crypto Accord Blocked by Judge

Partner Keri Curtis Axel, speaking to Bloomberg Law on June 4, 2025 about the standoff between the district judge and the SEC over Ripple’s civil penalty in a crypto securities case, said, “It’s a short-term hurdle. Cases settle on appeal all the time. The parties are going to find a way to resolution.”

The Securities and Exchange Commission had reached a settlement in a Biden-era enforcement suit with a final judgement rendered of a civil penalty of $125 million. More friendly to the crypto industry, the Trump administration SEC made a new agreement with Ripple Labs to reduce the civil penalty to $50 million. But the new agreement depends on Judge Analisa Torres’ cooperation, and she has balked.

Axel continued, “The judge is frustrated with the enforcement agency. Its job is to enforce, and it put her through all the work. Then it did a 180.”

“Creative lawyers are going to revisit this problem and find another way,” she said. “Public policy favors settlement.”