The U.S. Securities and Exchange Commission (SEC) granted Ripple Labs a waiver on Aug. 8, 2025, from a Regulation D disqualification provision tied to a prior injunction. The case began with a complaint filed on Dec. 22, 2020, in the U.S. District Court for the Southern District of New York, in which the SEC alleged that Ripple’s sale of XRP violated Section 5 of the Securities Act of 1933.

The court issued a final judgment on Aug. 7, 2024, permanently enjoining Ripple from further violations. Both parties filed appeals before moving toward a settlement in May 2025 and fully withdrawing their appeals last week. The settlement sought to have the court dissolve the injunction, which would have removed Ripple’s inability to use Regulation D’s Rule 506 exemption for certain private offerings. However, the district court rejected that request, prompting the SEC to issue the waiver.

“In light of the facts and circumstances, including the Commission’s prior decision to resolve this matter in a manner pursuant to which the Final Judgment’s injunction against Ripple would have been dissolved, thereby removing Ripple’s Regulation D disqualification,” the SEC stated in its order, adding:

The Commission has determined pursuant to Rule 506(d)(2)(ii) of the Securities Act that good cause exists for not denying the exemption contained therein.

Regulation D is a set of rules from the SEC that provides exemptions from the normal registration requirements for certain types of private offerings. It allows companies, particularly smaller ones, to raise capital from investors without the time and expense of a public offering.

The order concluded: “IT IS ORDERED, pursuant to Rule 506(d)(2)(ii) of the Securities Act, that a waiver from the application of the disqualification provision of Rule 506(d)(1)(ii)(A) of the Securities Act resulting from the Final Judgment’s injunction against Ripple is hereby granted to Ripple.”

The decision drew immediate reaction from cryptocurrency advocates. Lawyer Bill Morgan commented on social media platform X: “Ripple had another win with the SEC immediately ordering an exemption from the Bad Actor disqualification arising from the permanent injunction.” He added:

Indirectly, another win for XRP.

Following the conclusion of the Ripple v. SEC lawsuit, XRP’s value has seen a significant boost. This regulatory clarity is driving a new wave of institutional interest, with more companies developing treasury strategies utilizing XRP. This has also heightened prospects for a potential XRP exchange-traded fund (ETF), further fueling market optimism.

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