Ripple CEO Brad Garlinghouse announced the SEC case against Ripple has ended, marking another abandoned enforcement action under President Trump’s administration. He stated this brings "certainty" to Ripple, which spent over $150 million on legal defense.

However, part of the litigation remains unresolved. Ripple had appealed a ruling that some XRP sales to institutional investors required SEC registration. The company now faces a choice: pursue the appeal or pay a $125 million fine.

Following the news, XRP surged 15% to $2.59 and has risen nearly 400% since Trump’s election victory. Ripple is now focused on acquisitions rather than an IPO.

The SEC has also dropped or paused cases against Coinbase, Binance, Uniswap, and OpenSea. Trump’s pro-crypto stance has reshaped the regulatory environment, with Ripple emerging as a key political donor.

XRP was central to the SEC’s case, which began in 2020. A 2023 ruling found XRP was only a security when sold to institutional investors, reducing Ripple’s penalty from $2 billion to $125 million. The decision set a precedent for other crypto firms fighting the SEC.