Source: Cointelegraph Original: "{title}"
The U.S. Securities and Exchange Commission (SEC) may be preparing to conclude its enforcement action against Ripple Labs after more than four years.
According to a post by Fox Business reporter Eleanor Terrett on March 12 on social platform X, the SEC's case against Ripple is "in the final stages" after both the SEC and Ripple filed appeals and cross-appeals regarding a $125 million court ruling set for August 2024. This civil case, initiated in December 2020, accuses Ripple and certain executives of using XRP as an unregistered security to raise funds.
Ripple's Chief Legal Officer Stuart Alderoty told Cointelegraph on March 11 that this civil case by the SEC "has progressed much deeper" compared to many other cases that were dropped after former President Trump took office and Chairman Gary Gensler left. Since January, the SEC has announced it will not take enforcement action against companies like Coinbase, Consensys, and Kraken.
Alderoty mentioned the possibility of the case being dismissed, stating, "We do have a ruling, and we are appealing — that brings some additional complexity. But we remain optimistic that we will reach a resolution with the SEC, and if not, we will continue to appeal."
According to Ripple's Chief Legal Officer, if both parties agree to end the SEC case, there could be several outcomes. If Ripple and the SEC agree to withdraw their appeals and cross-appeals in the Second Circuit Court of Appeals, the lower court's $125 million ruling will stand. If there is a dispute over the monetary judgment, the blockchain company and the SEC must "work together" to request any modifications from the judge.
The SEC's case against Ripple involves one of the first significant court rulings favorable to the cryptocurrency industry, when Judge Analisa Torres stated that XRP is not a security in terms of the regulator's jurisdiction — but only concerning the programmatic sales conducted on exchanges. As of the publication of this article, there are no documents in the records of the U.S. District Court for the Southern District of New York or the U.S. Court of Appeals for the Second Circuit indicating that the SEC intends to withdraw this case.
Trump Administration's Shift in SEC Attitude
Although the SEC filed the lawsuit against Ripple during the tenure of former Chairman Jay Clayton under Trump, the commission intensified its enforcement actions after Gensler was confirmed in 2021.
Ripple CEO Brad Garlinghouse stated in an interview aired in December 2024 that if the SEC's leadership were not Gensler, the company might not have been so deeply involved in U.S. politics. Under Garlinghouse's leadership, Ripple donated $45 million to the political action committee "Fairshake" in the previous election cycle and contributed another $25 million in November 2024.
After Trump won the election, Ripple pledged to donate $5 million worth of XRP to Trump's inauguration fund, with both Garlinghouse and Alderoty attending the event held in Washington, D.C. on January 20 as official guests. The Chief Legal Officer personally donated over $300,000 to fundraising and political action committees supporting the U.S. President.
The connection between political donations to Trump and the Republican Party and the SEC's withdrawal of enforcement actions has led many critics to point out potential conflicts of interest within the government. Coinbase is another major supporter of "Fairshake," having donated $1 million to Trump's inauguration, and its SEC civil case was halted in February. Its CEO Brian Armstrong also attended the cryptocurrency summit held at the White House on March 7 alongside Garlinghouse and others.
Alderoty stated that the SEC's withdrawal of the case "has nothing to do with any political donations," reflecting more on Acting Chairman Mark Uyeda's views on the industry and related regulations.
As of the publication of this article, the U.S. Senate has not scheduled a hearing to consider the nomination of Paul Atkins as the next SEC Chairman. Commissioner Hester Peirce stated in February that the SEC is more likely to determine its cryptocurrency regulatory agenda after the new chairman takes office.
Related: SEC plans to abandon the requirement for cryptocurrency companies to register as exchanges.
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