The U.S. Securities and Exchange Commission (SEC) case against Ripple has ended, marking the latest of several enforcement actions that have been abandoned. Ripple CEO Brad Garlinghouse revealed in a tweet Wednesday that the SEC has dropped the landmark crypto case.
The SEC has dismissed or paused several other legal lawsuits and investigations targeting crypto companies, including those involving some of the industry's most famous players. The present tally includes high-profile litigation against cryptocurrency exchanges Coinbase and Binance, which were sued on the same day in mid-2023, as well as threats of legal action against Robinhood, Uniswap and nonfungible-token marketplace OpenSea.
The SEC's 2020 case against Ripple was a watershed moment for the industry because it signaled a major escalation in the agency’s crypto enforcement actions. The SEC sued Ripple in December 2020, alleging it violated securities law when it raised money by selling XRP without registering it as a security.
Since yesterday, when the news was announced, congratulatory messages have poured in for Ripple and the XRP community, including those from top profiles in the crypto space and reactions from various personalities.
In reaction to the news of the dismissal, former SEC official Marc Fagel recently addressed the timeline for an official decision, providing insight into what could come next.
An X user asked Fagel about the expected timeline for an official SEC vote on the matter. The question read: "Based on your knowledge and experience of how the SEC operates, would you happen to know when the commission would officially vote on this, and should we expect a public announcement from the SEC? Are we looking at days, weeks, or months?"
Fagel responded, noting that the exact details of communication between SEC staff and Ripple remain unknown. However, he offered a general expectation: "We don't know exactly what was communicated between the SEC staff and Ripple, or how close the staff is to getting commissioner approval. Typically, it could take weeks or months, but I assume they're closer to that, and it could be approved in the days (at most weeks) ahead."
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