Ripple CEO Brad Garlinghouse has signaled that the company’s long-running legal battle with the U.S. Securities and Exchange Commission may be approaching a notable turning point. In an April 11 interview with Fox Business, Garlinghouse said a proposed settlement with the SEC could potentially involve payment in XRP, an idea that would have seemed far more unlikely earlier in the case given the regulator’s previous stance toward the token.
According to Garlinghouse, the SEC would ultimately receive $50 million, with the U.S. government also receiving $50 million. He added that Ripple and regulators had even discussed the possibility of making that amount available in XRP. The executive described the development as a major step forward for the company, especially considering Ripple had previously set aside $125 million in escrow related to the matter. Under the terms he outlined, Ripple would retain most of those funds if the agreement is finalized.
A Settlement Framework Still Awaiting Final Approval
While Garlinghouse’s comments suggest meaningful progress, the arrangement is not yet complete. He noted that the proposed deal still requires final approval from SEC commissioners. That means the market is looking at a settlement framework that is advanced, but not fully closed.
Even so, the possibility that XRP could be referenced as a settlement instrument stands out as one of the most striking elements in the discussion. For years, the SEC’s case against Ripple has centered on allegations tied to XRP’s regulatory status, making the mere mention of the token as part of a settlement mechanism symbolically important. It suggests a material shift in tone, at least from Ripple’s perspective, in how U.S. authorities are approaching digital assets and blockchain companies.
Garlinghouse framed the moment as more than a company-specific legal milestone. He argued that changes in leadership at the SEC and in the White House have created a friendlier environment for crypto businesses in the United States. In his telling, the industry has moved from facing regulatory headwinds and hostility to operating with stronger policy tailwinds. He also suggested that this kind of progress would have been far less likely under the prior political and regulatory climate.
Why the XRP Angle Matters
The legal and symbolic implications of an XRP-based settlement discussion are substantial. Ripple has spent years fighting over whether XRP should be treated as a security in specific contexts. Because of that backdrop, any willingness to incorporate XRP into a settlement conversation is likely to be read by the market as a sign that regulatory attitudes are evolving.
Garlinghouse used that point to argue that Ripple is now positioned to expand more confidently in the U.S. under a framework he characterized as more stable and more innovation-oriented. He did not present new legal filings or fresh documentary evidence during the interview, but his remarks clearly sought to connect Ripple’s progress with a broader turn in federal crypto policy.
That broader message matters because regulatory clarity remains one of the biggest drivers of capital allocation in digital assets. When market participants believe enforcement pressure is easing or becoming more predictable, risk appetite can improve across both major tokens and sector-specific plays. Ripple’s case has long been viewed as one of the industry’s most important legal tests, so developments around a potential settlement naturally carry implications beyond XRP alone.
Garlinghouse Turns Bullish on Bitcoin
Beyond the SEC case, Garlinghouse also offered an upbeat assessment of the wider crypto market. He avoided making a forecast for XRP itself, saying it was too close to home, but he was willing to put a number on bitcoin. Referencing Cardano founder Charles Hoskinson’s view that bitcoin could reach $250,000 by the end of this year or next, Garlinghouse said he sees $200,000 as a plausible target rather than an extreme one.
His argument was rooted less in short-term price action and more in structural shifts. In particular, he said investors still underestimate how meaningful it is that the United States—the world’s largest economy—has shifted from a more antagonistic posture toward digital assets to a more supportive one. In his view, the combination of institutional participation and changing regulatory conditions could create a stronger foundation for the next leg of market expansion.
That perspective aligns with a broader narrative in crypto markets: when policy risk eases, larger pools of capital may become more comfortable entering the sector. Garlinghouse’s comments imply that the market has not yet fully priced in the downstream effects of a friendlier U.S. environment, whether in terms of sentiment, product development, or institutional adoption.
What the Market May Be Watching Next
The immediate focus now is whether SEC commissioners will formally approve the proposed settlement structure. If that happens, the resolution could become one of the most closely watched regulatory outcomes in the industry, not only because of Ripple’s size and visibility but because of what it may signal about how U.S. agencies intend to deal with crypto firms going forward.
Investors are also likely to monitor whether any official documents confirm the payment structure Garlinghouse described, including the discussion around XRP. Until final approval is secured, market participants may treat the comments as an important indication of direction rather than a completed legal endpoint.
Still, the interview delivered two powerful messages at once: first, that Ripple believes it is nearing closure in one of crypto’s most consequential legal disputes; and second, that a more favorable U.S. policy backdrop could help push the broader market significantly higher. In that context, Garlinghouse’s $200,000 bitcoin call was not presented as a sensational headline forecast, but as an extension of his view that the regulatory environment is becoming a major bullish catalyst for digital assets.
Whether or not bitcoin reaches that level on his timeline, the combination of a possible XRP-based settlement and improving regulatory sentiment has already given the market a fresh narrative to assess. For Ripple, it could mark the start of a new phase in its U.S. strategy. For crypto investors more broadly, it reinforces the idea that policy direction in Washington remains one of the most important forces shaping the sector’s next chapter.