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Ripple’s recent “Q1 2025 XRP Markets Report” sheds light on a new chapter in the company’s history, with the SEC case closed and U.S. policy evolving.
In an update in the Ripple and the U.S. Securities and Exchange Commission (SEC) case, Ripple revealed that the SEC has agreed to request that the court vacate the injunction. This disclosure comes from Ripple’s most recent quarterly market report.
Ripple stated in the report, “In Q1, the SEC informed Ripple of its intent to withdraw its appeal — a clear victory for both Ripple and the broader crypto industry. Following Ripple’s decision to withdraw its own cross-appeal, the SEC agreed to reduce the proposed penalty from $125 million to $50 million— and request the court vacate the injunction, pending SEC Commission approval. This outcome reaffirmed what had been clear from day one: the facts and the law were on Ripple’s side.”
The report, referenced by attorney and XRP enthusiast Bill Morgan in an X post, notes that the SEC has agreed to request that the court vacate the injunction in the lawsuit pending SEC Commission approval. Morgan noted that this seems to be the first explicit public acknowledgment of such a request by Ripple.
From Ripple’s Q1 2025 quarterly market report released today makes interesting references to the lawsuit. I think this is the first explicit public reference by Ripple that the SEC agreed to request that the Court vacate the permanent injunction./1 pic.twitter.com/uzGqTz3hT4
— bill morgan (@Belisarius2020) May 6, 2025
The SEC had originally sought a permanent injunction to prevent Ripple from violating securities laws in the future. However, Ripple has continually pushed back, claiming that XRP is not a security and should not be subject to the same regulations.
Ripple SEC lawsuit throwback
In December 2020, the SEC filed a lawsuit against Ripple Labs, CEO Brad Garlinghouse and Executive Chairman Chris Larsen, alleging that XRP was an unregistered security and that Ripple had raised over $1.3 billion through an unregistered securities offering.
In a landmark ruling in July 2023, Judge Analisa Torres ruled that XRP is not a security when sold to retail investors via exchanges. However, she found that Ripple’s institutional sales of XRP did violate securities laws.
In October 2023, the SEC voluntarily dropped the charges against the Ripple executives, which was largely regarded as a significant victory.
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