XRP and the SEC: Where Things Stand in 2025
March 18, 2025
The Ripple vs. SEC lawsuit, filed in December 2020, has been one of the most consequential legal cases in cryptocurrency history. Here is a factual summary of where things stand.
Background
The SEC alleged that Ripple Labs raised over $1.3 billion through the sale of XRP tokens, which the SEC classified as unregistered securities. Ripple disputed this classification, arguing XRP is a currency, not a security.
The July 2023 Ruling
In July 2023, Judge Analisa Torres issued a landmark ruling with mixed findings:
- •XRP sold to institutional investors: classified as securities
- •XRP sold on public exchanges (programmatic sales): NOT classified as securities
- •XRP distributed to employees and developers: NOT classified as securities
This was widely seen as a partial victory for Ripple.
2024–2025 Developments
The SEC appealed the programmatic sales ruling. Settlement discussions have been ongoing. The broader regulatory environment has shifted, with new SEC leadership signaling a more crypto-friendly approach.
What This Means for XRP Holders
The legal clarity around XRP's status on public exchanges has allowed major exchanges that delisted XRP in 2021 to relist it. XRP's daily transaction volume and use in cross-border payments through RippleNet has continued to grow.
This article presents factual information only and is not financial or legal advice.