SEC Website Removes Case Against Ripple — What’s Next for XRP?

Crypto watchers took this as a sign that the long-running legal battle might be ending. However, deeper analysis suggests the case is far from over.

The development came to light through a recent post by a well-known crypto analyst, Ash, on X. The post highlighted that a search for Ripple on the SEC’s ‘Litigation Release’ page now returns no results. This section typically lists all civil actions the SEC has filed in federal courts, and Ripple’s absence led to speculation that the case had been dropped.

Ripple no longer appears on the SEC’s Litigation Release page. Source: X

However, a closer look at the SEC’s website tells a different story. Originally announced on December 22, 2020, the lawsuit has been moved from the ‘Litigation Release’ section because the case has now progressed to the Court of Appeals for the Second Circuit.

Legal expert Jeremy Hogan clarified that while the Ripple case has been removed from the SEC’s litigation section, it has simply been relocated to the “cases on appeal” section. According to Hogan, the lawsuit remains active on the appellate court’s website, and no new filings have been made beyond the appeal process.

Source: Jeremy Hogan

This isn’t the first time such a move has happened. The SEC took similar action in previous cases that advanced to appellate courts, such as the enforcement action against Aaron Govil. These legal transitions do not indicate settlement or case dismissal; they reflect procedural changes as cases move through the judicial system.

As of now, the lawsuit remains unresolved. The SEC is still actively appealing a district court ruling that favored Ripple in parts of the case. The battle continues, with major deadlines approaching in the coming months.

The SEC officially filed its opening appeal brief on January 15, 2025. The commission seeks to overturn the lower court’s decision, which granted Ripple a partial victory by ruling that its programmatic sales and other distributions of XRP were not securities transactions. The SEC, however, is pushing back against this ruling, particularly on XRP sales to retail investors.

Conversely, Ripple has set April 16, 2025, as its deadline to file a response. If approved, this brief will address the SEC’s arguments and aim to solidify Ripple’s prior court win. Additionally, Ripple is using this opportunity to challenge the part of the ruling that classified its sales of XRP to institutional investors as securities transactions. This aspect of the case previously led to a $125 million fine against the company.

Source: James K. Filan

Meanwhile, a lawyer commenting on the case dismissed the significance of the SEC website’s removal of the lawsuit, stating:

“The SEC website does not matter. The appeal is still open in the Court’s nationwide PACER system. I am an attorney. I just logged in. The last entry is Ripple’s request for a time extension to file its Brief. The case status is still shown as Active. That may change soon.”

While Ripple continues its legal battle, CEO Brad Garlinghouse has been vocal about the broader crypto market. Recently, he urged the industry to move beyond maximalism and embrace multiple digital assets for long-term growth. Garlinghouse, who says he owns XRP, Bitcoin, and Ethereum, emphasized the need for unity in the crypto sector.

Garlinghouse is pushing for an XRP Digital Asset Reserve, source: X

However, Bitcoiners are generally against the idea of XRP being in a national digital asset reserve. Bitcoiners believe Bitcoin is a neutral, apolitical, and decentralized monetary network that exists outside government control. Unlike Bitcoin, which was fairly mined and has no central issuer, XRP was pre-mined, with Ripple Labs controlling a massive share of the supply.

This is going to be a key crypto political battle in 2025. It may well be that there will end up being a Bitcoin Strategic Reserve and a Digital Asset Stockpile of American based crypto assets like XRP and Solana.

Meanwhile, on the regulatory front, former Treasury Secretary nominee Scott Bessent, a pro-Bitcoin advocate, has been confirmed. His appointment reflects the increasing number of crypto-friendly figures entering U.S. politics, a shift that could have long-term implications for regulatory clarity in the industry.