The SEC filed its opening brief in January 2025, with Ripple securing an extension until April 16, 2025, to respond.
But something feels different now. The regulatory agency has quietly removed Ripple-related actions from its website, though the appeal remains active in the PACER system. Subtle? Not really.
Legal experts are divided. Eleanor Terrett has denied rumors that the SEC plans to dismiss the appeal altogether, while a panel including Jason Gottlieb, Andrew Hinkes, and J.W. Verret has offered various analyses of possible outcomes.
Judge Torres’ ruling that XRP transactions don’t constitute investment contracts dealt a significant blow to the SEC’s position. This landmark decision emphasized that XRP buyers could not determine if their payment went to Ripple or other sellers.
The SEC’s core argument crumbled when Judge Torres declared XRP transactions fall outside the definition of investment contracts.
The most likely scenarios? Affirmation of Judge Torres‘ original ruling tops the list. A settlement seems increasingly possible with the new Trump administration taking a crypto-friendly approach.
Least likely? A full reversal of the trial court decision.
Politics matter. Trump has expressed his desire to make the U.S. the “crypto capital of the world,” and his administration has already launched a crypto-focused task force.
Progress on Gensler-era enforcement actions has stalled, and the potential confirmation of Paul Atkins as SEC chair could further shift the regulatory landscape.
Meanwhile, XRP’s price continues to fluctuate with each development, and the entire crypto industry watches closely.
With Mark Uyeda’s appointment as SEC Chairman replacing Gary Gensler in January 2025, many believe a more favorable outcome for Ripple is possible.
The case could set important precedents for how digital assets are regulated.
The SEC seems to be running out of steam—and options. With new leadership signaling a more collaborative approach and acknowledging ETFs based on altcoins like XRP, the writing may be on the wall for this long-running legal battle.
