{"id":18167,"date":"2025-03-19T21:34:45","date_gmt":"2025-03-19T21:34:45","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=18167"},"modified":"2025-03-19T21:34:45","modified_gmt":"2025-03-19T21:34:45","slug":"sec-drops-landmark-case-against-ripple-will-sec-abandon-biden-era-crypto-asset-custody-proposal","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=18167","title":{"rendered":"SEC Drops Landmark Case Against Ripple: Will SEC Abandon Biden-Era Crypto Asset Custody Proposal?"},"content":{"rendered":"<div>\n<p>Ripple CEO Brad Garlinghouse took to X to announce that the <span style=\"font-weight: 400\">US Securities and Exchange Commission (SEC) has dropped its nearly five year long case against the company.\u00a0<\/span><\/p>\n<p>\u201cThis is it. The moment we\u2019ve been waiting for. The SEC will drop its appeal \u2013 a resounding victory for Ripple, for crypto, every way you look at it,\u201d said Garlinghouse, on 19 March 2025.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This is it \u2013 the moment we\u2019ve been waiting for. The SEC will drop its appeal \u2013 a resounding victory for Ripple, for crypto, every way you look at it.<\/p>\n<p>The future is bright. Let&#8217;s build. <a href=\"https:\/\/t.co\/7WsD0C92Cm\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/7WsD0C92Cm<\/a><\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1902345706636992720?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">March 19, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">A Ripple spokeswoman <\/span><a href=\"https:\/\/www.wsj.com\/livecoverage\/fed-interest-rate-decision-inflation-live-03-19-2025\/card\/ripple-ceo-says-sec-will-drop-its-appeal-on-crypto-firm-xrp-token-jumps-1aIzhz2zJMwzUQSteTRO\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400\">confirmed to the Wall Street Journal <\/span><\/a><span style=\"font-weight: 400\">that the agency will drop its appeal against the company, subject to a commission vote and approval.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/analysis\/crypto-forecast-best-crypto\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n<h2>\u201cThe SEC Was Dead Wrong,\u201d Said Garlinghouse<\/h2>\n<p>The case started in 2020 under former SEC Chairman Jay Clayton.\u00a0Garlinghouse said, \u201cThis case was doomed from the start.\u201d<\/p>\n<p><span style=\"font-weight: 400\">The SEC accused Ripple Labs of selling XRP as an unregistered security, alleging they raised $1.3 billion from institutional and retail investors. <\/span>\u201cIt was the first major shot fired towards crypto,\u201d according to him.<\/p>\n<p>Post Donald Trump\u2019s re-election, the SEC has dropped many such cases against crypto companies. On 27 February 2025, the agency dismissed its the case of civil enforcement action against Coinbase. SEC Acting Chair Mark Uyeda said, \u201cIt\u2019s time for the commission to rectify its approach and develop crypto policy more transparently.\u201d<\/p>\n<p>Also, the SEC dismissed its case against Consensys\u2019 MetaMask. The agency had earlier accused the company of securities violation related to its staking services and crypto swapping features. The lawsuit filed in 2023 against Justin Sun\u2019s <a href=\"https:\/\/99bitcoins.com\/news\/sec-drops-tron-and-robinhood-investigation-signaling-regulatory-shift\/\">TRON<\/a> has also been paused. The agency also closed its investigation into OpenSea last week.<\/p>\n<p><a href=\"https:\/\/99bitcoins.com\/news\/sec-drops-tron-and-robinhood-investigation-signaling-regulatory-shift\/\">Robinhood<\/a>\u00a0announced that the SEC had formally dropped its probe into the alleged violations of security laws following the\u00a0<a href=\"https:\/\/newsroom.aboutrobinhood.com\/robinhood-response-to-receipt-of-wells-notice-from-the-u-s-securities-and-exchange-commission\/\" target=\"_blank\" rel=\"nofollow noopener nofollow nofollow\">May 2024 Wells Notice.<\/a><\/p>\n<p>The case against <a href=\"https:\/\/99bitcoins.com\/news\/sec-closes-case-against-uniswap-defi-wins-but-is-the-market-timing-wrong\/\">Uniswap has also been dismissed.<\/a>\u00a0The company had received a Wells notification in April 2024 regarding their crypto trading and swapping services.<\/p>\n<p><strong>Explore:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"noopener\">20+ Next Crypto to Explode in 2025<\/a><\/strong><\/p>\n<h2><strong>Will Biden-Era Crypto Asset Custody Proposal Be Scrapped?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">The SEC is considering abandoning a controversial proposal from the Biden administration that would have significantly impacted how financial firms safeguard crypto assets for their clients. <\/span><\/p>\n<p><span style=\"font-weight: 400\">In February 2023, Gary Gensler proposed expanding the existing custody rules to explicitly include crypto assets. This proposal would have required qualified custodians\u2014typically banks, broker-dealers, and certain trust companies\u2014to maintain crypto assets on behalf of investment advisers.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Acting SEC Chair Uyeda, speaking at a securities conference in Orlando, Florida, indicated that the commission is now considering scrapping the proposal entirely.\u00a0<\/span><\/p>\n<p>According to a <a href=\"https:\/\/www.reuters.com\/world\/us\/sec-may-scrap-biden-era-crypto-asset-custody-proposal-acting-chief-says-2025-03-17\/\" target=\"_blank\" rel=\"nofollow\">Reuters report<\/a> dated 17 March 2025, Uyeda said the SEC \u201cneeds to prioritize effective and cost-efficient regulations that respect the limits of our statutory authority,\u201d<\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<p><span style=\"font-weight: 400\">    <\/p>\n<ul class=\"nnbtc-key-takeaways__list\">\n        <\/ul>\n<p><\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <\/li>\n<p><\/span><span style=\"font-weight: 400\"> Ripple CEO took to X to announce that the SEC has dropped its case against the company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <\/li>\n<p><\/span> <span style=\"font-weight: 400\">SEC has dropped its case against Coinbase, Robhinhood, Uniswap and more after Trump\u2019s re-election.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/span><\/p>\n<\/div>\n<p>    <\/span><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/guides\/sec-drops-landmark-case-against-ripple-will-sec-abandon-biden-era-crypto-asset-custody-proposal\/\">SEC Drops Landmark Case Against Ripple: Will SEC Abandon Biden-Era Crypto Asset Custody Proposal?<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ripple CEO Brad Garlinghouse took to X to announce that the US Securities and Exchange Commission (SEC) has dropped its nearly five year long case against the company.\u00a0 \u201cThis is it. The moment we\u2019ve been waiting for. The SEC will drop its appeal \u2013 a resounding victory for Ripple, for crypto, every way you look [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-18167","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/18167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18167"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/18167\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}