- Cardano founder Charles Hoskinson celebrated the SEC’s decision to drop its appeal against Ripple, calling it “a great victory for crypto.”
- Cardano supporters see this as a positive shift in regulatory attitudes, boosting optimism for the broader crypto industry.
Cardano founder Charles Hoskinson has hailed the U.S. Securities and Exchange Commission’s (SEC) decision to drop its appeal against Ripple as a significant win for the crypto industry. The move signals a shift in regulatory attitudes under the Trump administration, bringing relief to the digital asset space.
SEC Ends Its Legal Battle Against Ripple
On March 19, Ripple CEO Brad Garlinghouse announced that the SEC had officially dropped its appeal in the long-running lawsuit against the blockchain company. This lawsuit, first filed in December 2020, was one of the most high-profile cases in the regulator’s crackdown on cryptocurrencies.
Reacting to the news, Cardano founder Charles Hoskinson congratulated the XRP community, describing the decision as “a great victory for crypto.” Many within the industry share his sentiment, viewing the case’s conclusion as a turning point in the SEC’s aggressive enforcement actions.
Regulatory Shift Under the New Administration
The SEC’s retreat from multiple enforcement actions indicates a broader policy shift under the Trump administration. Over the past few weeks, the agency has walked back on over 10 major crypto lawsuits, including cases against Coinbase, Consensys, Kraken, OpenSea, and Uniswap.
This change has reignited optimism in the crypto industry, with many seeing it as a move toward more favorable regulatory clarity rather than strict enforcement measures.
What’s Next for Ripple?
Despite the SEC’s decision to abandon its appeal, Ripple is still evaluating whether to proceed with its cross-appeal. The previous court ruling found that while secondary market XRP sales were not securities, direct sales to institutional investors violated U.S. securities laws.
As a result, in August 2024, Ripple was ordered to pay a $125 million fine and comply with an injunction against institutional XRP sales without an SEC exemption. Ripple’s legal team may seek to overturn this aspect of the ruling to remove remaining restrictions on its business.
With the SEC dropping its appeal, Ripple and the broader crypto community can celebrate a significant legal victory. Charles Hoskinson’s statement reflects the industry’s collective sentiment that regulatory hostility toward crypto may finally be easing. However, questions remain about how Ripple will approach its cross-appeal and what future regulatory policies will look like in the U.S.
As the landscape evolves, this development marks a crucial milestone in the ongoing battle for crypto legitimacy and regulatory clarity.
