The SEC has officially dropped its legal pursuit of Ripple, marking a major win for the crypto industry. The move signals a shift in U.S. regulatory actions under the current administration.
Among those celebrating the decision is Cardano founder Charles Hoskinson, who called it “a great victory for crypto.”
On March 19, Ripple CEO Brad Garlinghouse announced that the SEC had dropped its appeal, effectively ending its years-long battle against Ripple.
The lawsuit, originally filed in December 2020, was the first high-profile case in the SEC’s so-called war on crypto. Now, it appears to be one of the last as the agency reverses course on enforcement.
Over the past few weeks, the SEC has also backed off from cases against Coinbase, Consensys, Kraken, OpenSea, and Uniswap. This shift suggests a more lenient regulatory approach under the current administration.
Cardano’s Hoskinson Praises Ripple’s Win
Hoskinson, a well-known figure in the crypto space, reacted to the news by congratulating the XRP community. He emphasized that this decision strengthens the entire crypto industry and could mark the end of aggressive enforcement actions.
Many believe this ruling sets a precedent for future crypto regulation, making it harder for the SEC to classify digital assets as securities.
Ripple’s Next Steps: Cleaning Up Legal Loose Ends
Despite the SEC withdrawing its case, Ripple may still pursue a cross-appeal. The company seeks to overturn a previous ruling that found its institutional XRP sales violated securities laws.
As a result, Ripple was fined $125 million in August 2024 and barred from selling XRP to institutions without an SEC exemption.
Garlinghouse stated that these legal aspects still need “clean up,” hinting at potential further actions by Ripple.
