Ripple CEO Declares SEC Legal Battle Over as XRP Price Surges
Ripple CEO Brad Garlinghouse announced on March 18, 2025, that the company’s long-running legal fight with the U.S. Securities and Exchange Commission (SEC) has concluded. The resolution marks the end of a four-year saga that began when the SEC sued Ripple in 2020, accusing it of raising $1.3 billion through unregistered sales of its XRP token.
“I’m finally able to announce that this case has ended. It’s over,” Garlinghouse shared in a post on X. Following the news, XRP’s price soared more than 8%, briefly topping $2.50 before settling slightly lower, according to The Block Price Page.
The SEC’s decision to drop its appeal against Ripple comes amid a broader shift in the agency’s approach to cryptocurrency. Last month, it dismissed cases against major crypto exchanges like Coinbase and Kraken. While the SEC must still formally vote to abandon the Ripple appeal—a process it controls—the move signals a potential thaw in its once-combative stance toward the crypto industry.
A High-Stakes Case
The legal battle kicked off in December 2020, when the SEC claimed XRP was an unregistered security. Ripple fought back, arguing its token was a currency, not a security subject to SEC oversight. In July 2023, Judge Analisa Torres of the Southern District of New York delivered a mixed ruling: Ripple’s “programmatic” XRP sales to the public via a blind bid process didn’t violate securities laws, but direct sales to institutional investors did. Last August, she fined Ripple $125 million—a fraction of the $2 billion the SEC had sought.
The SEC appealed in October, arguing the ruling clashed with established securities laws. However, its recent decision to drop the appeal suggests a change in direction. An SEC spokesperson declined to comment on the development.
A Turning Tide at the SEC
The agency’s approach to crypto has softened since former Chair Gary Gensler left in January 2025. Under Gensler, who viewed most cryptocurrencies as securities, the SEC pursued aggressive enforcement against crypto firms. Though the Ripple case predates his tenure, it became a symbol of that hardline stance. Since President Donald Trump’s second term began, the SEC has reversed course—rescinding controversial crypto accounting rules, rethinking regulations, and forming a crypto task force set to hold its first roundtable on Friday to discuss “defining security status.”
Ripple’s Take—and What’s Next
Garlinghouse called the SEC’s initial case “doomed from the start,” framing it as “the first major shot fired in the war on crypto.” With the legal cloud lifted, Ripple can now focus on its mission to facilitate cross-border payments using XRP. The price jump reflects renewed investor confidence, though the token’s future value will depend on market dynamics and broader regulatory clarity.
For now, Ripple and its supporters are celebrating a hard-fought victory. As the crypto industry watches the SEC’s next moves, this resolution could set the stage for a more collaborative era between regulators and blockchain innovators.