The price of the Ripple-linked XRP token surged more than 10% on Wednesday, March 19, afternoon after Ripple Chief Executive, Brad Garlinghouse announced that the Securities and Exchange Commission (SEC) would withdraw its appeal of a prior ruling.

Brad Garlinghouse said on the social media platform X that the case against his company “has ended.”

“Today is a victory — and a long overdue surrender by the SEC,”

he said.

In October, the SEC appealed a court decision that determined Ripple’s sales of the XRP cryptocurrency over exchanges were not required to comply with investor-protection laws, The Wall Street Journal reported.

A Ripple spokeswoman confirmed that the SEC will drop its appeal against the company, pending a commission vote and approval.

The move is the latest indication that regulators are shifting towards a more lenient approach to crypto enforcement under the Trump administration.

In recent weeks, the SEC has dismissed cases against Coinbase Global, Kraken, and Consensys, while also dropping multiple investigations into crypto firms.

In several instances, the agency stated that it was abandoning lawsuits or investigations as a newly formed SEC crypto task force works to develop “a comprehensive and clear regulatory framework for crypto assets.”

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