The SEC’s dismissal ends a four-year legal battle that began in December 2020 when regulators alleged Ripple raised $1.3 billion through unregistered securities sales of XRP. A July 2023 court ruling partially favored Ripple, declaring XRP not a security in retail transactions but imposing a $125 million fine and institutional sales ban in 2024. The SEC appealed that decision in January 2025.

Garlinghouse’s announcement follows months of speculation fueled by the SEC dropping similar cases against Coinbase and Robinhood in February 2025. Former White House official Anthony Scaramucci had hinted at a dismissal during a March 4 podcast, though the SEC had not previously confirmed it. Fox Business journalist Eleanor Terrett also denied rumors in late February.

Legal experts suggest political shifts under the Trump administration, including Ripple’s reported $5 million donation to Trump’s inauguration fund and Garlinghouse’s January 2025 meeting with the president, may have influenced the resolution. The dismissal nullifies the pending appeals process, including Ripple’s April 16 reply brief deadline.

XRP surged 10% to $2.50 following Garlinghouse’s X post. The SEC has not yet issued an official statement. The case’s closure marks a pivotal moment for crypto regulation.

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