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After nearly four years of intense litigation, the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) appears to be nearing a conclusion. In early 2025, the SEC and Ripple reached an agreement in principle to settle the case, signaling an end to the drawn-out dispute over whether XRP, Ripple’s native cryptocurrency, constitutes an unregistered security. Yet, despite this optimistic development, Ripple’s legal challenges are not entirely over. The case’s appeal has been paused by the court, pending final SEC approval, and certain procedural disputes continue to complicate the path forward.
This article delves into the latest updates on the Ripple lawsuit, analyzes the implications for XRP and the broader crypto ecosystem, and highlights why caution is still warranted as the case moves toward its ultimate resolution.
The Securities and Exchange Commission filed suit against Ripple Labs in December 2020, alleging the company had raised over $1.3 billion through an unregistered securities offering via the sale of XRP tokens. The SEC argued XRP met the criteria of a security under U.S. law, mandating strict regulatory compliance. Ripple, on the other hand, has consistently denied these claims, maintaining that XRP is a digital currency and not an investment contract.
Over the years, the legal battle has involved various court rulings and appeals, setting a crucial precedent for how cryptocurrencies might be regulated in the United States. Ripple’s partial victory in 2023 buoyed investor confidence but did not end the litigation, leaving XRP’s regulatory status in limbo.
In mid-April 2025, the U.S. Court of Appeals for the Second Circuit granted a joint motion by the SEC and Ripple to pause the appeal proceedings. This pause, officially termed “in abeyance,” represents the parties’ mutual willingness to explore a settlement outside the courtroom.
If the settlement is fully approved, both parties are expected to jointly move to dismiss the appeal and possibly seek revisions or clarifications to the district court’s original judgment.
The prospect of the SEC dropping its appeal has already impacted XRP’s market dynamics. In March 2025, Ripple’s CEO Brad Garlinghouse announced the SEC’s intention to withdraw the appeal, causing XRP’s price to surge dramatically—at one point reaching about $2.50 and briefly making it the third-largest cryptocurrency by market capitalization, surpassing Tether.
Ripple’s leadership has expressed optimism about the company’s future, including plans to:
These developments could accelerate XRP’s integration into mainstream finance and boost institutional interest.
Despite the positive momentum, the saga surrounding Ripple’s legal troubles is not completely behind them. Recent events reveal ongoing procedural conflicts suggest the case's resolution isn’t entirely straightforward.
In early April 2025, the SEC formally opposed a surprise filing by a third party aiming to introduce new evidence to support Ripple’s defense. The opposition highlights several issues:
This procedural dispute now awaits a ruling by Judge Analisa Torres, meaning legal contention continues in certain respects.
The Ripple-SEC saga has broader ramifications beyond just one company or cryptocurrency:
While Ripple’s legal battle with the SEC has taken a positive turn with the joint motion to pause appeals and an agreement in principle to settle, the company’s legal woes are not entirely over. Final approval from the SEC is still required, and lingering procedural objections mean the case could still encounter hurdles.
Investors and industry participants should watch closely for the SEC’s status update due in June 2025 and any subsequent court actions. Ripple’s story exemplifies the complex intersection of innovation, regulation, and legal scrutiny in the evolving crypto landscape.
Ripple’s journey through regulatory scrutiny highlights the ongoing challenge for crypto companies navigating uncertain legal terrain. As the case inches toward resolution, the industry anticipates landmark decisions that could redefine the future of digital assets in America. Not so fast — Ripple’s legal issues may be closer to the finish line, but the final chapter has yet to be written.
