TLDR
- SEC is dropping its appeal against Ripple after a four-year legal battle
- Ripple CEO Brad Garlinghouse announced the end of the case on March 19, 2025
- The lawsuit initially wiped out $15 billion in XRP market value when filed in December 2020
- This resolution follows the SEC’s withdrawal from over 10 other crypto enforcement cases
- XRP price spiked to $2.55 following the announcement
The Securities and Exchange Commission (SEC) has decided to drop its appeal against Ripple, bringing an end to a four-year legal battle that began in December 2020. Ripple CEO Brad Garlinghouse made the announcement on March 19 via social media platform X.
“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,”
Garlinghouse wrote. He added in a video post that “I’m finally able to announce that the case has ended; it’s over.”
The case began when the SEC sued Ripple over what they claimed was a $1.3 billion unregistered securities offering. The legal battle has been closely watched by the entire cryptocurrency industry as it had major stakes for how digital assets might be regulated.
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
Garlinghouse described the case as “doomed from the start” in his statement. He mentioned that the lawsuit was part of what he called “the first major shot fired in the war on crypto.”
The lawsuit had serious effects on XRP holders. When the SEC first filed the case in 2020, about $15 billion in market value was wiped out, according to Garlinghouse.
Ripple had already won a partial victory in the case. A U.S. judge had ruled that XRP was not a security in secondary market sales, though the court found that sales to institutional investors had violated securities laws.
The SEC had first shown intent to appeal these rulings. This latest development marks their decision to drop the case completely, though the SEC has not yet officially confirmed this news.
The decision comes as the SEC under Acting Chairman Mark Uyeda has been changing its approach to cryptocurrency regulation. The agency has withdrawn from more than 10 other high-profile crypto enforcement cases, including those involving Coinbase, Uniswap Labs, and Kraken.
During the legal proceedings, the SEC faced criticism from the court. Garlinghouse noted that the agency was sanctioned for discovery abuses, with the judge saying the SEC lacked “faithful allegiance to the law.”
Former SEC Chair Mary Jo White had publicly stated that the agency was “dead wrong” in its decision to pursue the case against Ripple, according to Garlinghouse. This added to the criticism the SEC has faced regarding its approach to regulating cryptocurrency.
Garlinghouse criticized the SEC’s approach under previous Chairman Gary Gensler. He claimed the regulator harmed investors rather than protecting them by bringing the lawsuit.
“The SEC was the market manipulator,” Garlinghouse stated, referring to the market impact of the initial lawsuit filing. He suggested that the regulator’s actions hurt the very investors they were supposed to protect.
The resolution of this case has wider meaning for the cryptocurrency industry. Garlinghouse stated that Ripple’s legal fight “set a precedent” that could pave the way for clearer regulatory guidelines for digital assets in the United States.
XRP Price
XRP’s price responded positively to the news of the SEC dropping its appeal. The digital asset spiked in value and was trading at $2.55 following the announcement.
XRP
XRP Price
Garlinghouse expressed that the outcome represents an opportunity for the United States to become more welcoming to cryptocurrency innovation. “It’s time to make the United States the crypto capital of the world,” he said.
The resolution comes as new leadership in the U.S. government is working to create a regulatory framework for crypto assets. This shift aligns with the Trump administration’s apparent move away from the SEC’s previous enforcement actions against cryptocurrency companies.
“This is a fight Ripple never wanted, but one we knew we had to win. And today, emphatically, we have,”
Garlinghouse concluded. He thanked Ripple employees, the legal team led by Chief Legal Officer Stu Alderody, and the broader XRP community for their support throughout the lengthy legal process.
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