Source: Cointelegraph Original: "{title}"
The U.S. Securities and Exchange Commission (SEC) has withdrawn its years-long lawsuit against Ripple Labs, the company behind the XRP ledger blockchain network. Ripple CEO Brad Garlinghouse stated at the 2025 Blockworks Digital Assets Summit in New York that this is "a victory for the industry."
Earlier on March 19, Garlinghouse revealed that the SEC would withdraw its legal action against Ripple, ending a four-year lawsuit against the blockchain development company. The lawsuit accused Ripple of conducting an unregistered securities offering worth $1.3 billion in 2020.
"This feels like a victory for the industry and the beginning of a new chapter," Garlinghouse said at the summit on March 19, which Cointelegraph attended.
Ripple CEO claims the SEC will withdraw its lawsuit against the blockchain development company. Source: Brad Garlinghouse
Significant Turnaround
The withdrawal of the lawsuit marks the SEC's latest and arguably most significant reversal of position during the presidency of Donald Trump.
Previously, the agency had dropped charges against other cryptocurrency companies, including Coinbase, Kraken, and Uniswap, which were also accused of violating securities laws.
During former President Joe Biden's term, the SEC took over 100 enforcement actions against cryptocurrency companies, typically accusing them of failing to properly register their related products, with former SEC Chair Gary Gensler stating that these products fall under the jurisdiction of the securities regulator.
Trump took a more favorable stance toward this burgeoning industry, promising to make the U.S. the "crypto capital of the world" and appointing individuals friendly to the industry to key regulatory positions.
"A new chapter begins with the realignment of Congress and the administration… when Trump took office and nominated Paul Atkins, Scott Bessent, and brought David Sacks on board," Garlinghouse said.
Trump nominated Atkins and Bessent to lead the SEC and the U.S. Treasury Department, respectively. Sacks was appointed by Trump as the artificial intelligence and "crypto czar," a newly established advisory position in the White House.
"I firmly believe we stand on the right side of the law and history," Garlinghouse said regarding his company's long legal battle with U.S. regulators, adding that in his view, the SEC was "just… trying to bully" the cryptocurrency industry.
Garlinghouse also noted that regulatory resistance has now faded, and Ripple is focusing on business expansion.
"Ripple has invested over $2 billion in investments and acquisitions across the entire crypto space, some of which are unrelated to XRP, because fundamentally, I believe that if the cryptocurrency industry does well, Ripple will do well," he said.
Related: Ripple in U.S. Digital Asset Reserves: Utility in Question, Is It Suitable?
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