- Ripple wins legal battle as SEC drops appeal, confirming XRP is not a security.
- Ripple CEO Garlinghouse celebrates victory, marking a turning point for crypto regulation.
Ripple CEO Brad Garlinghouse confirmed that the U.S. Securities and Exchange Commission (SEC) will drop its appeal against the company, bringing an end to the four-year legal battle. Garlinghouse shared the news in a video posted on his X (formerly Twitter) account on March 19, 2025.
The announcement follows a partial victory for the company in 2023 when a judge ruled that its XRP sales on secondary markets were not considered securities transactions. However, the SEC’s appeal had threatened to overturn that ruling.
The End of a Four-Year Legal Battle
The legal dispute began in December 2020 when the SEC filed a lawsuit accusing Ripple of breaching U.S. securities laws by selling XRP without proper registration. This lawsuit has been one of the longest-running legal cases against a cryptocurrency company.
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
Although Ripple won a partial victory in 2023, the SEC appealed the decision, seeking to reclassify XRP as a security when sold to retail investors.
Garlinghouse’s announcement comes after reports that the SEC was considering whether to reclassify XRP as a commodity. The decision to drop the appeal was widely expected, given the SEC’s recent shift in approach under Acting Chairman Mark Uyeda.
In the video, Garlinghouse celebrated the outcome, emphasizing that the case was “over” and calling it a “long overdue surrender” by the SEC. He expressed relief over the conclusion of a legal battle that he believed was doomed from the start.
XRP Surges as the Case Concludes
Following Garlinghouse’s confirmation, XRP saw a significant surge in value, rising nearly 14% to $2.57, according to CoinGecko. As previously discussed, XRP is nearing the final stage of the Wyckoff re-accumulation phase, with a potential breakout above $2.9.
XRP has remained in a consolidation phase since early 2025, trading between $2 and $3.3, a sign of strong accumulation by institutional investors, according to market analyst Steph (@Steph_iscrypto).
Garlinghouse explained that it had been a “painful journey” for the company, but they had always believed in their legal standing. He also stated that there were no victims in the case and that the SEC’s actions against Ripple were not made in good faith.
The legal victory has significant implications not only for Ripple but for the wider cryptocurrency industry. Garlinghouse stressed that the court’s ruling—which determined that XRP is not a security—established an important legal precedent. This ruling could serve as a foundation for future cryptocurrency regulations, providing clearer guidelines for other digital assets.
The Broader Impact on Crypto Regulation
The SEC’s decision to drop its appeal is part of a broader shift in the agency’s approach to cryptocurrency regulation. Under Chairman Gary Gensler, the SEC aggressively pursued crypto companies, including Coinbase and Kraken, claiming that most cryptocurrencies were unregistered securities.
However, since Uyeda took over, the agency has retreated from several prominent crypto enforcement actions, including those targeting major exchanges and projects like Uniswap Labs and Robinhood’s crypto unit.
This shift in SEC policy has been widely welcomed by the crypto community, which has long argued that existing securities laws were not suitable for regulating digital assets. Garlinghouse has long been vocal about the need for a more balanced and forward-thinking approach to cryptocurrency regulation.
In his statement, he called for unity within the industry, urging players to “leave the tribalism behind” and work together to create a “rational and constructive way forward” for crypto.
Ripple’s legal victory, Garlinghouse said, is a win not just for the company but for the entire industry. He expressed hope that it would encourage others to stand firm against overreach by regulators. With the case now officially closed, Ripple looks ahead to expanding its use of the XRP Ledger for cross-border payments, particularly in markets outside the U.S.
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