Timeline · draft
From the SEC lawsuit to the CLARITY Act
Each entry links to a primary or official source. Last reviewed Oct 24, 2026. This is not legal advice.
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SEC sues Ripple, Garlinghouse and Larsen
The SEC files suit in the Southern District of New York (Case No. 1:20-cv-10832), alleging unregistered XRP sales.
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Court splits the ruling
Judge Analisa Torres finds Ripple’s institutional XRP sales were investment contracts, but its programmatic exchange sales were not.
Source: SDNY opinion & order ↗
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Final judgment: $125M penalty and injunction
The district court imposes a $125,035,150 civil penalty and an injunction against further Securities Act registration violations.
Source: SEC Release 33-11383 ↗
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Appeal and cross-appeal filed
The SEC appeals the final judgment to the Second Circuit; Ripple cross-appeals.
Source: SEC Release 33-11383 ↗
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House passes the CLARITY Act
H.R. 3633, the Digital Asset Market Clarity Act, passes the House 294–134 (Roll Call 199).
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Appeals dismissed; case ends
The SEC and Ripple jointly dismiss their appeals. The final judgment, including the penalty and injunction, stays in effect.
Source: SEC Litigation Release 26369 ↗
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First U.S. spot XRP ETF begins trading
Canary Capital’s XRPC launches on Nasdaq; other issuers follow.
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SEC/CFTC interpretation lists XRP as a “digital commodity”
A joint interpretation (effective Mar 23, 2026) names XRP among examples of digital commodities. It is agency guidance, not a statute.
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Senate cloture on CLARITY fails 49–50
The motion to proceed to H.R. 3633 falls short of the 60 votes needed. Sen. Tillis entered a motion to reconsider, keeping a future vote possible.
Source: U.S. Senate Roll Call Vote 234 ↗
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XRP treasury company Evernorth lists as XRPN
After closing its SPAC merger on Oct 9, Evernorth’s shares begin trading on Nasdaq.
Source: SEC EDGAR 424B3 prospectus ↗
What’s still open: Senate action on CLARITY, pending ETF filings, and how the March 2026 interpretation is applied in practice.