Ripple said the U.S. Securities and Exchange Commission case against the crypto company has ended, the latest of several enforcement actions that have been abandoned during the early weeks of President Donald Trump’s administration.
The agency has dropped its appeal of a previous ruling, CEO Brad Garlinghouse said in a post on X on Wednesday. A spokesperson for the firm confirmed the comments. A spokesperson for the SEC didn’t immediately respond to a request for comment.
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let’s build. pic.twitter.com/7WsD0C92Cm
— Brad Garlinghouse (@bgarlinghouse) March 19, 2025
The securities regulator has dismissed or paused several other legal cases and investigations targeting crypto companies, including those involving some of the industry’s most prominent players. The running tally includes high-profile lawsuits against crypto exchanges Coinbase Global Inc. and Binance Holdings Ltd. — who were sued within one day of each other in mid-2023 — as well as threats of legal action against Robinhood Markets Inc., decentralized-finance exchange creator Uniswap Labs and nonfungible-token marketplace OpenSea.
Trump promised a friendly U.S. regulatory environment for digital assets after becoming a crypto supporter on the campaign trail last year and receiving praise from members of the industry that was reeling from a legal crackdown under President Joe Biden’s administration. Ripple was a major political donor during the last congressional election cycle.
Trump in February shared a CoinDesk story about Garlinghouse on Truth Social, drawing both cheers from fans of XRP and grumbling among other crypto executives. Garlinghouse had said in December that the company planned to donate $5 million worth of the XRP token to Trump’s inauguration festivities. He and Ripple’s chief legal officer, Stu Alderoty, have been photographed dining with the president at Mar-a-Lago.
The XRP token, created by founders of what eventually became Ripple Labs Inc., was at the center of the SEC’s case against the company, and is one of the tokens that Trump said will be included in a strategic U.S. crypto reserve that he wants to create. A number of asset managers including Bitwise have filed applications for exchange-traded funds that invest in XRP.
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The SEC’s 2020 case against Ripple was a landmark moment for the industry because it signaled a major escalation in the regulator’s crypto enforcement efforts. The SEC sued Ripple in December 2020, claiming it broke the law when it raised money by selling XRP without registering it as a security.
In 2023, U.S. District Judge Analisa Torres found XRP was covered by securities law only when sold to institutional investors, a ruling hailed as a major victory for the industry. The SEC last year appealed that decision, which had ordered Ripple to pay only a $125 million civil penalty instead of the $2 billion that the regulator had sought. Ripple’s partial legal victory inspired other lawsuits by crypto companies against the SEC.
By OLGA KHARIK, Bloomberg
With assistance from Emily Nicolle and Nicola M White
