Ripple v. SEC Case Ends After 4 Years of Litigation

The Ripple v. SEC case has been a significant and prolonged legal battle in the cryptocurrency sector. The case, initiated in December 2020, has lasted longer than any other SEC lawsuit against major players in the crypto industry. This was highlighted by a recent tweet from crypto researcher SMQKE, who shared a graphic sourced from Bitwise Asset Management. The graphic showed that while other notable SEC lawsuits and investigations against companies such as Uniswap, OpenSea, Gemini, Binance, Coinbase, Robinhood, Kraken, Yuga Labs, and others were either dropped or paused by early 2025, Ripple's case was listed as dropped or paused in March 2025, making it the longest-running case.

The prolonged duration of the Ripple case is attributed to its complex litigation path. Unlike other cases, Ripple's lawsuit was litigated to a final judgment, followed by appeals from both parties. This additional legal process contributed to the case's extended timeline. The case reached a pivotal point in late June 2025, when U.S. District Judge Analisa Torres rejected a proposed joint settlement. Following this, Ripple CEO Brad Garlinghouse announced that the company would no longer pursue its counter-appeal, shifting the focus to the SEC's next move. Observers expect the SEC to withdraw its appeal, which would effectively conclude the legal battle.

The March 2025 date highlighted in the Bitwise chart suggests that the SEC internally decided to cease further aggressive litigation at that time, even though public statements and rulings continued to unfold in the following months. This aligns with recent signals from the SEC of a shift in enforcement priorities or a reassessment of its litigation strategy amid political and judicial scrutiny. The broader context of SEC actions against crypto firms shows that investigations or lawsuits against other companies were announced between late 2022 and mid-2024 and resolved or paused by early 2025. This contrasts sharply with Ripple's experience, underscoring the unique challenges and complexities of its case.

The next steps from the SEC in response to Ripple’s withdrawal of its counter-appeal are being closely monitored as the industry awaits a definitive end to the most consequential regulatory battles in crypto history. The Ripple v. SEC case has set a precedent for how the SEC handles crypto-related lawsuits, and its resolution will have significant implications for the future of cryptocurrency regulation. The case has highlighted the need for clear regulatory frameworks and has sparked discussions about the role of the SEC in overseeing the rapidly evolving crypto sector. As the industry continues to grow and evolve, the lessons learned from the Ripple case will be crucial in shaping future regulatory approaches.