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ARTICLE · 28 MARCH 2025

SEC Backs Down On Ripple Appeal As Crypto Stance Shifts

McDermott Will & Schulte
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It is official — the SEC has reversed course on its approach to crypto enforcement. After five years of litigation against Ripple Labs for allegedly selling an unregistered security, the XRP token, the SEC...

United StatesTechnology
Stephanie Breslow
Stephanie Breslow
Craig S. Warkol
Craig S. Warkol
Kolby K. Loft
Kolby K. Loft
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It is official — the SEC has reversed course on its approach to crypto enforcement. After five years of litigation against Ripple Labs for allegedly selling an unregistered security, the XRP token, the SEC, on March 19, 2025, announced that it intends to drop its appeal. This decision is the latest in a series of actions taken by the SEC marking a radical shift in regulating digital assets.

The SEC's decision to drop its appeal comes amid sweeping changes in the SEC's approach to crypto. This includes the launch of a Crypto Task Force, led by Commissioner Hester M. Peirce, aimed at establishing clear regulatory boundaries. Commissioner Peirce has also signaled a new direction for crypto oversight, emphasizing a more structured, transparent and navigable framework. Additionally, the SEC has issued fresh guidance that "meme coins" are not securities, further reflecting its evolving stance on digital assets.1

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