The United States’ Securities and Exchange Commission (SEC) announced on Wednesday that it is dropping a yearslong case against Ripple Labs, a cryptocurrency firm associated with the White House.

“Today is a victory — and a long overdue surrender by the SEC,” CEO Brad Garlinghouse said. This move allows Ripple to avoid potentially facing a $125 million fine, and comes shortly after Garlinghouse was at the White House for President Donald Trump’s Crypto Summit. According to ABC news, Garlinghouse also donated $5 million to Trump’s inaugural committee. Garlinghouse had also posted a photo with Trump on social media.

The SEC’s case had been going on for over four years. In December 2020 — while Trump was still…