Trump's SEC ends Biden-era Ripple Labs crypto enforcement case

The U.S. Securities and Exchange Commission announced on August 8, 2025, that it was ending its case against Ripple Labs by agreeing to dismiss mutual appeals of a $125 million fine and an injunction against XRP token sales to institutional investors, both imposed by U.S. District Judge Analisa Torres. The SEC had originally sued Ripple in December 2020 for allegedly selling XRP without registering it as a security. Following Trump's reelection, the SEC — under new, more crypto-friendly leadership — had sought jointly with Ripple to lift the injunction and reduce the fine to $50 million, but Judge Torres refused, finding no exceptional circumstances. The dismissal of appeals leaves the $125 million fine and injunction in place but ends active litigation. The SEC has similarly ended civil lawsuits against crypto exchanges Binance, Coinbase, and Kraken since Trump's return to office.