Why is the Ripple SEC case continuing in a sea of ​​decisions?

In recent weeks, the Securities and Stock Exchange Committee (SEC) has been in separation. Firstly Coinbasethen consysysand twin and Opensea. Yesterday, it was Corner. One by one, every high -level enforcement procedure for the era of former SEC Speaker Gary Ginsler has fallen.

These references to the cryptocurrency industry that will not be governed by the administration of US President Donald Trump as the latter. In fact, Commissioner Hyster Pears, who is currently the head statement Explanation that the Supreme Education Council will not be organized by implementation anymore:

“The decision of the previous committee to convert this job to divide the enforcement by engaging in the initiative of a large -scale organization of urbanization, harmed the American public, which negatively affected the industry, and hindered the capacity of skilled and dedicated professional employees in the committee to use their experience because it was intended to use it.”

However, one of the cases was clearly absent from a set of separation operations – an embarrassing homosexuality. This condition, of course, is ripple.

The origins of the case of ripples

The condition of the ripple is one of the oldest and most influential in encryption. Once again in 2010, when the encryption law was still small, the Supreme Education Council dipped her toes in implementation. He started with “Dow report“A silent document initially applied, Hofour is now famous Current currency test.

Then, in December 2020, ripples complaint A shot came through the bow of the encryption institution. The claim that the Ripple of the Token XRP sales were “an unregistered offer for years” that would form a play book for all subsequent SEC enforcement procedures.

It seems strange now, but the Ripple case preceded former President Joe Biden and Jinsner. This came in recent months of the Trump administration, when Jay Clayton was still the SEC chair. For a while, this made it strange. In the days before FTX when Gensler was seen as a “pro -captain” commissioner, Xrp remained a strange pariah for years. In organizational forgetfulness, the symbol was not available on many US central stock exchanges and lost the mutation years in 2021 and 2022.

As the first main core case, the rulings in Ripple will be very influential in the legal position of the industry. It is worth noting that the ruling of the brief ruling 2023 gave Judge Angia Torres a partial victory, a contract XRP bidding sales did not constitute securities because they “did not miss [an expectation of profit]”From Ripple’s efforts [because buyers were not aware] They were buying XRP from Ripple. “

At that time, this was seen as a great victory in the encrypted currency. The Supreme Education Council attempted to ratify an acting appeal and failed, and over the next year, the case ended slowly, and reached its climax in a Ruling 125 million dollars against Ripple In August last year.

Ultimately, the enforcement procedure for cryptocurrency was dismantled in the eyes of the audience with prominent conflicts with Coinbase, Uiswap and others. In one of the last Biden administration’s completion work, Gensler SEC resume Torres rule on January 15, 2025. Ripple, for its part, foot A notice of the cross appeal on October 15, 2024, and has not yet resumed.

The ripple is compatible with the White House

From the time of writing, the Ripple case has been silent since January 31, 2025. The Supreme Education Council systematically rejected all encrypted currency procedures and investigating its agenda, yet Ripple remained stuck in mysterious circumstances.

This is strange at several levels. For one, the arguments for appeal on Ripple are similar to those in the case in the parallel Coinbase The resumption of the surroundings that the southern province in New York Catherine Polk Villa is accredited in January. The Securities and Stock Exchange Committee allows this, and the case was rejected on February 27, 2025.

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Second, Ripple appears to be in the good blessings of the White House. Ripley has publicly attracted Trump in recent months. This included a meeting between the CEO of Ripple Brad Garlinghouse and Trump in Mar-A-Laggo before installation and A. input From $ 5 million in XRP for Trump’s opening box.

Although it is impossible to know this with certainty, it seems that these gestures inspired warm feelings between the inner circle Maga. In February, Trump’s son, Donald Trump Junior, followed Ripple on X. To be included in the strategic encryption reserves.

In light of what is widely seen as a client White House, all this indicates a ripple The first should be in a line in favor of SEC. However, the issue remains unleashed. What can happen?

Three reasons make the issue of ripples continuous

The truth of the ripple The ambiguity is that the reason is that the issue is still hanging. None of SEC employees or a rippral lawyer commented. However, there are a number of possible explanations worth looking.

Unlike Coinbase, which was still suspended before epithelium, ripples I reached a final ruling. This means that if SEC stops fighting, the result will not be a victory, but a fine of $ 125 million and a “bad actor” for five years ban On collecting the security donations imposed by Judge Torres on Ripple.

This means that, to some extent, Ripple needs the case to continue obtaining a positive judgment. Although it is possible that the Supreme Education Council may be convinced to join it in seeking to cancel the Torres rule, it is not clear that Torres will agree to do so.

James Murphy, a legal commentator, recently forecast As much:

Murphy said: “The decision of Torres was undoubtedly great for XRP holders, but (A) discovered violations of the Securities Law and (B) judicial orders (with the provisions of” Bad “) is not great for ripples,” Murphy said. “This is especially true if Ripple is considering submitting exempt securities in the future or public subscription.”

“I think the Supreme Education Council has accepted a settlement – as the two sides refuse to appeal and that the Supreme Education Council takes a penalty of $ 125 million – in the heartbeat. So, it makes sense (for me at least) that Ripple can negotiate for a better deal than that.”

Ripple may play Hardbal game, but will Trump allow SEC to decline? Another more dangerous tactic is that the parties strongly agree to continue the matter in the appeal, but with SEC as a party by name only. SEC can play dead in listening sessions, which effectively improves Ripple’s chances of obtaining a positive judgment on the appeal in the second circle.

A similar tactic has been used in a famous way (although publicly, not dim) by the Ministry of Justice during the term of President Barack Obama to facilitate a review of the Appeal of the Law of Defense of Marriage (DOMA) in United States against Windsor.

Although the fact that some facts may be installed, this interpretation is also incomplete. After all, the Securities and Stock Exchange Committee can facilitate the review without maintaining its appeal simultaneously. If she really tries to help with a legal victory, then why not let her appeal issue decrease? This approach would also risk an unsuccessful result in the second circle, which may leave Ripple to be not better than it was in August.

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The final explanation that may have meaning is that there are still voices in the Supreme Education Council who are interested in their interpretation of the law and want to defend it. At the time of Torres’s rule, many practitioners believed that it was incorrectly applied to the Securities Law. The encrypted currency lawyers have become embracing its logic, but it is clear that the Supreme Education Council always sees it as a black spot in the litigation record and fought hard to resume it immediately.

Lawyers in the Supreme Education Council choose this profession because they are interested in the safety of the American financial market Ruling on going without challenge will weaken that task.

Perhaps these voices are waiting for Paul Atkins, the inserted SEC chair, before making a final decision on the ripples issue.

In the end, this issue is the remains of a previous era. While the judicial precedents were once seen as a definition of the legal status of signs of encrypted symbols, this was no longer the case. The old rules were put up when Trump went up to power again, and the new rules have not been written yet. The condition of the ripple is likely to be dropped in the coming days, as SEC works either through its schedule or the two sides reach some agreement. Even if it continues to solve, it is unlikely to affect the application of enforcement over the next four years.

In the Trump era, the regulations appear to be carried out by making deals, not the law.

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