Ripple CEO Brad Garlinghouse has announced that the U.S. Securities and Exchange Commission (SEC) is dropping its appeal in the long-standing legal battle over XRP. The case, which began in December 2020, alleged that Ripple had sold XRP as an unregistered security, leading to years of regulatory scrutiny and legal challenges.<\/p>\n\n\n\n
In a statement posted on X, Garlinghouse criticized the SEC\u2019s lawsuit as a \u201cfailed attempt\u201d to regulate the cryptocurrency industry through enforcement. He claimed that the case was \u201cdoomed from the start\u201d and suggested that it was part of a broader government effort to selectively regulate digital assets.<\/p>\n\n\n\n
\u201cThis is it \u2013 the moment we\u2019ve been waiting for. The SEC will drop its appeal \u2013 a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let’s build,\u201d Garlinghouse wrote in his post.<\/p>\n\n\n\n
Ripple previously won a partial victory in 2023 when a U.S. judge ruled that XRP was not a security in secondary market sales. However, the ruling also found that sales to institutional investors did violate securities laws. While the SEC initially signaled its intention to appeal, Garlinghouse confirmed that the regulator has now opted to drop the case entirely.<\/p>\n\n\n\n
Garlinghouse also criticized the SEC\u2019s handling of the lawsuit under Chairman Gary Gensler, arguing that the regulatory agency harmed investors rather than protecting them. He highlighted the $15 billion in market value wiped out when the lawsuit was first filed, calling the SEC a \u201cmarket manipulator.\u201d<\/p>\n\n\n\n
Although the SEC has not officially confirmed the news, the case has been widely regarded as a key legal battle for the cryptocurrency industry. Ripple\u2019s legal victory is expected to influence how regulators approach digital assets moving forward. Garlinghouse expressed optimism that this outcome could make the U.S. a more favorable environment for crypto innovation.<\/p>\n\n\n\n
Following the announcement, XRP surged in value and is currently trading at $2.55. The market\u2019s positive response underscores the significance of the case\u2019s resolution and its potential impact on future regulatory clarity for digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ripple CEO Brad Garlinghouse has announced that the U.S. Securities and Exchange Commission (SEC) is dropping its appeal in the long-standing legal battle over XRP. The case, which began in December 2020, alleged that Ripple had sold XRP as an unregistered security, leading to years of regulatory scrutiny and legal challenges. Ripple Declares Victory In…<\/p>\n","protected":false},"author":3,"featured_media":6995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[92,482,80],"class_list":["post-6994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-exchange","tag-ripple","tag-security"],"yoast_head":"\n