★ Government Action
Trump's SEC ends Biden-era Ripple Labs crypto enforcement case
Crypto DeregulationDeregulation
Filed August 2025$125,000,000
★ The Brief
What happened
The SEC dropped its appeals in the Ripple Labs case, ending its five-year suit alleging Ripple sold its XRP token as an unregistered security.
Who enabled it
Who benefits
Deal or steal?
Eight months before the dismissal, Ripple Labs donated $4.89 million to Trump's inaugural committee.
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.
Actors
Who pushed it · 1Who initiated, paid, or pushed the action.
Securities and Exchange CommissionAgreed to dismiss its appeals of the $125 million fine and injunction, ending active litigation against Ripple Labs under the more crypto-friendly Trump-era SEC leadership.
Beneficiaries
Who gained · 1Who stood to gain.
Ripple LabsHad the SEC's active lawsuit and appeals against it dropped, ending years of high-profile litigation; retains the $125 million fine and injunction but avoids further enforcement escalation.
Ripple Labs has paid into Trump’s orbit:
Further reading
- ★ Government ActionJanuary 2026Trump's two top market regulators launch joint 'Project Crypto'
- ★ Government ActionAugust 2025Trump orders Labor Department to allow alternative assets in 401(k)s
- ★ Government ActionApril 2025Trump's SEC pauses Gemini Trust enforcement lawsuit
- ★ Government ActionFebruary 2025Trump's SEC closes Robinhood crypto investigation with no action
- ★ Government ActionFebruary 2025Trump's SEC dismisses civil enforcement case against Coinbase
- ★ Government ActionJanuary 2025Trump's SEC crypto enforcement falls 60% in first year