- The CEO of Ripple, Brad Garlinghouse, stated that the SEC has decided to abandon its appeal against the company.
- This success comes after discussions suggested that Ripple’s legal team negotiated more favorable outcomes than those dictated by Judge Torres’ decision last August.
- XRP has experienced a 12% increase following this announcement.
On Wednesday, Brad Garlinghouse, the CEO of Ripple, revealed that the Securities and Exchange Commission (SEC) will no longer pursue its appeal against the firm.
This development brings an end to a contentious four-year legal struggle that began in December 2020 when the SEC filed a lawsuit against Ripple for allegedly conducting sales of XRP as an unregistered security, amounting to $1.3 billion.
“This journey finally comes to a close today. This is a triumph and a long-awaited concession by the SEC,” Garlinghouse remarked.
This is it – the moment we’ve been anticipating. The SEC is dropping its appeal – a major win for Ripple, for crypto, in every sense.
The future looks promising. Let’s build. pic.twitter.com/7WsD0C92Cm
— Brad Garlinghouse (@bgarlinghouse) March 19, 2025
With the SEC’s case against Ripple now resolved, many in the crypto community expect the agency to approve XRP ETF applications from potential issuers such as Canary Capital, CoinShares, Franklin Templeton, WisdomTree, 21Shares, and Bitwise.
Background of the SEC vs Ripple Case
In July 2023, Judge Analisa Torres determined that XRP sales to retail investors do not qualify as securities, although the company was penalized for its sales to institutional clients.
In August 2024, Judge Torres imposed a $125 million fine on Ripple—significantly lower than the SEC’s sought amount of $1.9 billion—and issued an injunction against further violations of securities law.
The SEC filed an appeal in January 2025, claiming that XRP transactions with retail investors should be regarded as securities, among other arguments.
On January 24, Ripple submitted a request to put forth a cross-appeal brief in response to the SEC.
“With the SEC withdrawing its appeal, Ripple is now in a favorable position, and we will assess the best way to continue with our cross-appeal. Regardless, today is a time to celebrate our achievement,” commented Stuart Alderoty, Ripple’s Chief Legal Officer.
This latest update comes on the heels of the SEC closing various cases initiated by its previous administration against several crypto-related firms, including Coinbase, Uniswap, OpenSea, and Robinhood.
Recent reports indicated that the delay in the current administration reaching a similar resolution with Ripple resulted from the company’s attorneys seeking better terms than those outlined in Judge Torres’s ruling from last August.
XRP has risen by 12% in the past 24 hours as market participants have reacted positively to this news.
(This is a breaking story and will be updated as new information becomes available.)