As of March 24, 2025, the U.S. Securities and Exchange Commission (SEC) had yet to come out with a formal public release about the dropping of its appeal in the case of Ripple (XRP).
This creates a question has SEC really changed their way, or are they just delaying for some new angle.
The SEC’s litigation with Ripple started in December 2020 when the commission alleged that Ripple Labs and its management carried out an unregistered offer of securities by selling XRP tokens.
Years of litigation were brought to a conclusion on March 19, 2025, when Ripple CEO Brad Garlinghouse said that SEC is going to drop its case against Ripple after four years. He described it as a “long-overdue surrender,” restating that “XRP is not a security.”
“Progress is worth fighting for,” Garlinghouse said, adding that this victory “paves the way for a pro-crypto future.”
Reasons for the SEC’s Silence
There are a number of reasons why the SEC might not have issued an official statement:
Internal Approval Processes
Before making public announcements, the SEC often undergoes formal internal reviews and approvals. Even after agreeing to dismiss an appeal, the commission must complete these processes to ensure all legal and procedural aspects are addressed.
Scheduled Closed Meetings
The SEC normally addresses legal and enforcement issues in closed meetings. The next such meeting is on Thursday, March 27, 2025, at 2:00 PM ET. The Ripple case could be dealt with during this session, followed by an official announcement. ​
Ongoing Negotiations
Ripple continues to seek a cross-appeal related to previous XRP sales to institutional investors. Judge Analisa Torres had previously levied a $125 million fine and a permanent injunction on Ripple for breaching securities laws.
Ripple’s management has said there are continued negotiations with the SEC to potentially lift these penalties. The commission could be holding off on making a public statement until all sides of the case, including Ripple’s cross-appeal, are settled.
The announcement of the SEC withdrawing its appeal by Bard Garlinghouse has positively affected the market value of XRP. Upon the announcement, the price of XRP went up by around 13% to almost $2.56, and currently, it is trading at around $2.45.
SEC Statement On Coinbase:
When the SEC dropped its case against Coinbase, it promptly issued a public statement. However, in Ripple’s case, the agency has remained silent, raising speculation about internal delays or strategic reasons behind the lack of an official announcement.
Has SEC Actually Dropped The Case Against Ripple?
While Ripple and its supporters are enjoying the victory, the case still has loose ends to tie up. In the Video shared by Ripple CEO, Brad Garlinghouse He Clearly mentions that SEC will drop its appeal. However till date SEC has made no formal statement of closing the case. There is still a slight chance of this courtroom drama to continue.
Also Read: XRP Price Jumps 30% as SEC Lawsuit Ends – 75% Rally Ahead?
