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SEC’s Case Against Ripple May Be Nearing Its End
The United States Securities and Exchange Commission (SEC) may be closing in on a resolution to its long-standing legal battle with Ripple Labs. According to Fox Business reporter Eleanor Terrett, the case is currently “in the process of wrapping up.” Although there has been no official confirmation from the court, this development marks a significant shift in the SEC’s stance towards crypto firms.
The SEC initially brought charges against Ripple in December 2020, alleging that the company sold XRP as an unregistered security to raise funds. This move was seen as a major blow to the cryptocurrency industry, leading many to speculate about the potential consequences for other companies.
Ripple and the SEC have both appealed the August 2024 court ruling ordering the company to pay $125 million in damages. However, it now appears that both parties are working towards a resolution.
It’s worth noting that the SEC’s approach towards crypto firms has undergone significant changes since Donald Trump returned to office in 2025. Under former Chair Gary Gensler, the agency aggressively pursued enforcement actions against prominent players in the industry. In contrast, Chair Mark Uyeda’s tenure has seen a marked reduction in these efforts.
A major controversy surrounding the case revolves around potential political donations influencing the SEC’s decision-making process. Ripple’s leadership has been actively involved in U.S. politics, making significant contributions to Fairshake and other crypto-focused PACs. Moreover, CEO Brad Garlinghouse donated $5 million in XRP to Trump’s inauguration fund, while also attending official events in Washington D.C.
Critics have suggested that these donations may have influenced the SEC’s decision to drop enforcement actions against crypto companies like Coinbase, which similarly made political contributions and saw its own lawsuit halted. However, Ripple Chief Legal Officer Stuart Alderoty has vehemently denied any connections between their contributions and the SEC’s stance.
As for the case’s future trajectory, it remains unclear what course of action the SEC will take. The ongoing legal battle is currently listed on the docket of both the U.S. District Court for the Southern District of New York and the U.S. Court of Appeals for the Second Circuit.
