Regulation
US SEC Drops Ripple Lawsuit
In a massive development for the crypto industry, the US Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against Ripple. The firm’s CEO, Brad Garlinghouse, made this revelation about the Ripple lawsuit, which has sparked a massive surge in the XRP price.
US SEC Officially Drops Ripple Lawsuit
In an X post, Ripple CEO Brad Garlinghouse revealed that the US SEC had dropped the five-year-long Ripple lawsuit, which began in 2020. This is still subject to the Commission’s vote. In his words, Garlinghouse said,
This is it. The moment we have been waiting for. The SEC will drop its appeal, a resounding victory for Ripple, for crypto, every way you look at it. The future is bright, let’s build.
In his announcement, Garlinghouse also reflected on the Ripple lawsuit, stating that it was clearly “doomed” from the start. He remarked it was the first major shot fired at the crypto world and that his company was the first to fight the SEC’s overreach.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has shared insights into the next steps following the SEC’s decision to drop its appeal against Ripple.
The move marks a significant shift in the ongoing legal battle, with Ripple now in a stronger position to shape the future of its case against the U.S. Securities and Exchange Commission (SEC). In a tweet, Alderoty celebrated the development as a victory not only for Ripple but also for the broader crypto industry.
US SEC Withdraws Appeal Against Ripple
After years of legal battles, the US SEC has decided to drop its appeal against Ripple, which initially stemmed from the agency’s claims that Ripple had sold XRP as an unregistered security. This can be considered as a significant shift in the SEC case as it affords Ripple much needed reprieve from constant litigation.
The decision according to Stuart Alderoty, Ripple’s CLO, is revolutionary for the crypto industry.
Today, Ripple moves forward—stronger than ever. This landmark case set a precedent for the domestic crypto industry.
With the SEC dropping its appeal, Ripple is now in the driver’s seat and we’ll evaluate how best to pursue our cross appeal. Regardless, today is a day to… https://t.co/NLgmiRrcjx
— Stuart Alderoty (@s_alderoty) March 19, 2025
This withdrawal of the appeal of the SEC is in respect of one aspect of the case covering program and secondary market offering of XRP. Nevertheless, Alderoty emphasized that even though this was a decisive victory from the legal point of view, Ripple is not out of decisions yet.
“We will assess how to proceed with the cross appeal,” as Alderoty said regarding Ripple’s ongoing case regarding the $125 million penalty, as well as the restraining order to restrain Ripple from selling XRP to institutions.
Ripple Legal Strategy Moving Forward
However, given that the SEC is no longer actively pressing charges against Ripple, the company is in a much better place to deliberate on its legal standing. Ripple’s next moves could be the further pursuit of cross-appeal, which may help provide more legal insight into XRP.
If Ripple decides to proceed with the appeal, it might lead to a definitive determination from a higher court regarding whether investment contracts need specific contracts.
On the other hand, Ripple can decide to shun any hope of an appeal and instead seek to address the remaining fine and injunction. Ripple’s legal team may also move for a settlement with the SEC to come to a new agreement that will decrease the penalty. While Alderoty did not disclose further details about the company’s strategy, he reassured everyone that Ripple is now at the wheel.
“Ripple is in the driver’s seat,” he concluded.
Concurrently, according to Alderoty, the company will now be able to pursue growth without the distraction of prolonged litigation.
XRP ETF Applications See Boost in Chances of Approval
The market also reacted to the decision of the SEC not to appeal as it boosted the potential of seeing an XRP Exchange-Traded Fund (ETF) approved soon.
There are now several filings of an XRP ETF, including Bitwise, WisdomTree, 21Shares, ProShares, Franklin Templeton, Canary Capital, CoinShares, and Volatility Shares. Some of these firms are among the top contenders that are interested in developing a product that brings regulated exposure to XRP.
Concurrently, following Ripple’s legal victory, the chances of the SEC approving XRP ETF applications this year increased significantly. On Wednesday, Polymarket saw a rise in the probability of approval, with chances jumping from 77% to 79% after the news broke.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The cryptocurrency market is monitoring the upcoming Federal Open Market Committee (FOMC) meeting, which is set to conclude on March 19, 2025. Investors are awaiting the Federal Reserve’s stance on interest rates, as any adjustments could influence the crypto market.
Federal Reserve Expected to Hold Interest Rates Steady
The Federal Reserve is widely expected to maintain the current interest rate range between 4.25% and 4.5% after its March meeting. Despite ongoing speculation about potential cuts, Federal Reserve Chair Jerome Powell has consistently indicated caution in adjusting rates. Powell points to inflation concerns and global economic uncertainties.
Some economists suggest that rate cuts may not occur until later in the year. Consequently, Fed rate cuts are projected around June 2025, as inflation remains a focal point of monetary decisions. Powell’s post-meeting press conference at 2:30 p.m. ET is expected to provide further insight into the Fed’s future approach.
With the Federal Reserve’s FOMC meeting expected to conclude tomorrow, crypto investors remain on edge about interest rate decisions. While market analysts predict that rates will stay unchanged, uncertainty surrounding inflation, trade policies, and economic growth continues to fuel volatility.
Crypto Market To Crash?
Bitcoin (BTC) has been fluctuating around $85K as the crypto market is in a volatile phase before the FOMC announcement. Many traders believe a crypto market crash could follow if the Fed signals a prolonged period of high interest rates.
Specifically, higher interest rates usually benefit more traditional types of investments such as bonds and savings accounts. As a result of this, capital is leaked from riskier assets such as cryptocurrencies. Conversely, rate cuts can boost liquidity and drive more money into speculative assets, including Bitcoin and altcoins.
But the Fed has stayed hawkish for a while, keeping rates higher, in order to curb inflation. Under these conditions, the crypto market is struggling, and a lot of investors are expecting relief from rate cuts in 2025. While inflation seems to be cooling, with the U.S CPI falling from 3.1% to 2.8%, this may not be enough to stop the Fed easing its policy.
Incase the Federal Reserve signals that rate cuts are approaching, a surge in altcoin prices could follow. This is because increased liquidity would likely encourage higher risk appetite among traders.
However, if the central bank keeps rates high for an extended period, crypto markets may decline. Tightening financial conditions could drive further losses.
With investors awaiting Powell’s remarks, the next 24 hours could determine whether the market stabilizes or experiences a crypto market crash.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Coinbase Chief Legal Officer Paul Grewal has criticized the U.S. Department of Treasury for failing to comply with a court ruling related to the sanctions placed on Tornado Cash. His statements come after the Treasury indicated its intention to defy parts of a Fifth Circuit Court decision that challenged the legality of the sanctions.
US Treasury’s Response to the Court Ruling
The Fifth Circuit Court of Appeals recently ruled that the action by the U.S. Treasury Department was unlawful as it put Tornado Cash on the Specially Designated Nationals (SDN) list. The court noted that Tornado Cash’s smart contract was non-erasable, so it did not constitute “property” under the International Emergency Economic Powers Act (IEEPA).
However, the Treasury has expressed willingness not to abide to the order of the court fully, but rather wants to suggest for remand for the proceedings.
In a sequence of tweets, Paul Grewal criticized the Treasury by stating that he was disappointed by its decision. He stated that though the court has dismissed the arrangement through which the Treasury listed Tornado Cash, that the Treasury is still looking to partially delist the entity.
“They say trust us,” Grewal said, referring to the Treasury’s assurance that it will abide by the ruling on the grounds that doing so may compromise national security. Grewal stated that the Treasury exceeds its authority erasing the Congress direction thus reviving the problems that led to a court case in the first place.
Court Decision on Tornado Cash
The Fifth Circuit came to the decision in December 2024 to resolve whether Tornado Cash’s smart contracts are properties that are prohibited from U.S. sanctions. The court further held that immutable smart contracts could not be considered as property under IEEPA.
It separated them from changeable smart contracts which could be managed and employed for unlawful purposes. Thus, the court did not question the Treasury’s ability to sanction Tornado Cash as an entity but addressed its treatment of the smart contracts only.
The ruling was seen as a significant blow to the Treasury’s case. However, the court did not provide a broad ruling on the legality of the Treasury’s decision to sanction Tornado Cash as a whole. Instead, it stated that these immutable contracts did not meet the definition of property under IEEPA and could not be blocked as part of the sanctions process.
Treasury’s Proposed Action Moving Forward
Despite the court ruling, the U.S. Treasury is proceeding cautiously. The agency has stated that it plans to remand the issue to the Department of the Treasury and the Office of Foreign Assets Control (OFAC) for further review. The Treasury has also indicated that it will begin the process of removing Tornado Cash from the SDN list, although no specific timeline has been provided.
Grewal has voiced concerns about the Treasury’s proposed approach. He noted that rather than fully comply with the court’s decision, the Treasury appeared to be looking for ways to maintain sanctions on Tornado Cash. This, according to Grewal, is a continuation of the same actions that led to the legal challenge in the first place.
However, the plaintiffs in the case, including Coinbase, plan to file a reply to clarify their position and ensure the Treasury complies with the court’s decision.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple CLO Reveals What Next With Cross Appeal Against SEC
Volatility Shares To Launch First US Solana Future ETFs Tomorrow
Russian Crypto Exchange Garantex Is Back Under a New Name
Crypto Pundit Says Bears Will Continue To Dominate Ethereum Price, Here’s For How Long
Solana Death Cross Forms, Pointing to Potential Breakdown
Mario Nawfal Denies $7M Meme Coin Rug Pull Allegations
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin22 hours agoJustin Sun Reveals Plan To Integrate TRX On Solana
-
Regulation22 hours agoCoinbase CLO Slams US Treasury for Defying Court Ruling In Tornado Cash Case
-
Market21 hours agoTop 3 Base Meme Coins to Watch Closely This Week
-
Altcoin21 hours agoAnalyst Predicts XRP Price To Reach $20 With 18 XRP ETFs On The Horizon
-
Market20 hours agoBitcoin ETF Issuers Purchase Over $40 Million in BTC
-
Altcoin20 hours agoADA Bulls Target $1 as Cardano Price Double Bottom Pattern Hints at Reversal
-
Market19 hours ago3 Crypto Smart Money Wallets Are Dumping Fast This March
-
Market23 hours agoBNB Price Finds Footing After Clearing $605 Resistance Toward Higher Targets
✓ Share: