The current SEC administration is working to establish a comprehensive framework for crypto regulation, moving away from the previous 'regulation by enforcement' approach under former chair Gary Gensler.

This shift is evident as the SEC has recently halted 11 lawsuits against various crypto firms, signaling a move towards regulatory clarity.

In light of this new direction, the SEC has dropped several investigations and lawsuits against other crypto companies, raising questions about the slow progress of the ongoing case against Ripple.

The SEC's case against Ripple, initiated in December 2020, accused the company of raising over $1.3 billion through unregistered sales of XRP tokens.

A significant ruling by District Judge Analisa Torres in 2023 determined that Ripple's institutional sales of XRP violated securities laws, resulting in a $125 million penalty and a permanent injunction against selling XRP to institutional investors.

However, Torres' ruling was seen as a partial victory for Ripple, affirming that its programmatic sales of XRP to exchanges for retail trading did not qualify as securities transactions.

As the case appears close to resolution, Ripple is reportedly seeking to renegotiate aspects of the 2023 ruling, particularly aiming to reduce the imposed $125 million fine.

Negotiations for a settlement are ongoing, with journalist Eleanor Terrett indicating that the SEC is negotiating a resolution with Ripple, potentially leading to a quick end to the case.

Ripple CEO Brad Garlinghouse has suggested that the slow progress may be attributed to Ripple's negotiations with the SEC rather than any inaction from the SEC.

Recent reports of a potential resolution have positively impacted XRP's market price, leading to a 5% increase from $2.14 to $2.24.

As of March 12, 2025, XRP ranks fourth by market cap with a valuation of approximately $129.33 billion and a 24-hour trading volume of $6.71 billion.

Overall, the total crypto market capitalization stands at $2.68 trillion, with Bitcoin dominance at 61.16%.