The Ripple vs. SEC case saw notable developments during 2024.
In the first months, both parties filed multiple requests in preparation for the trial, with the authority demanding the company’s financial statements for 2022 and 2023, as well as XRP sales contracts after the lawsuit was filed.
Ripple objected to the request, arguing that the documents were irrelevant, but Judge Sarah Netburn ordered the company to disclose them.
The trial began on April 23, raising hopes of an imminent settlement.
But the complexity of the proceedings and the possibility of appeal meant the case could drag on for years.
In May, attorney Jeremy Hogan noted that the pace of developments had slowed as both sides waited for the judge's decision.
The skirmishes continued over witness testimony and the size of the potential fine, with the authority demanding a penalty of $2 billion, while Ripple argued for a reduction to $10 million, noting that its case differed from others such as Terraform Labs.
In August, Judge Analisa Torres ordered Ripple to pay $125 million for violating securities laws in its institutional sales of XRP.
This decision was considered a major victory for the company, especially since the fine was much less than what the authority had requested.
Ripple confirmed its commitment to pay the fine in cash from its budget, while the authority appealed in October, bringing the case into a new phase of litigation.
In November, Donald Trump’s victory in the presidential election sparked optimism among cryptocurrency supporters, including the XRP community.
Trump promised to remove the head of the commission, Gary Gensler, as soon as he takes office, despite the controversy over the legality of this due to the independence of the commission.
Gensler announced his intention to resign in January 2025, with Paul Atkins, known for his support for cryptocurrencies, being appointed as his successor, raising hopes that a more favorable settlement could be reached in Ripple’s favor.
The case remains a watershed for the future of cryptocurrency regulation in the United States, with legal and political shifts expected to impact its course.