Michaela
The U.S. Securities and Exchange Commission (SEC) has officially ended its years-long legal battle with Ripple Labs Inc., marking a significant development in the Ripple case over the sale of XRP.
On March 19, Ripple CEO Brad Garlinghouse announced on X that the SEC has decided to drop its appeal in the case against the company, bringing the legal battle closer to an end.
“This is it – the moment we’ve been waiting for,” Garlinghouse wrote. “The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let’s build,” he added.
“I’m finally able to announce that this case has ended. It’s over,” Garlinghouse stated in a video he shared.
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The end of the legal dispute between Ripple Labs and the SEC marks the conclusion of a case that spanned more than four years. The conflict began in December 2020 when the SEC accused Ripple of conducting an unregistered securities offering worth $1.3 billion through sales of its cryptocurrency, XRP.
The Ripple case became a defining legal battle for the regulation of digital assets in the U.S., with Ripple arguing that XRP should not be classified as a security. The case saw multiple rulings in favor of Ripple, including a pivotal 2023 decision that determined XRP was not a security when sold on public exchanges.
Garlinghouse’s announcement was met with widespread approval from the crypto community, with industry leaders, including Coinbase CEO Brian Armstrong, offering their congratulations.
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Anthony Scaramucci, founder of global investment firm SkyBridge Capital, also shared his support, congratulating Garlinghouse on the announcement. “Congrats Brad, you deserve immense credit for fighting on behalf of the entire industry,” Scaramucci wrote in an X post.
After the SEC dropped the Ripple case, XRP, the cryptocurrency developed by the company, saw a sharp uptick in market activity.
According to CoinMarketCap data, XRP’s price surged 8.45% within a single day, while its market capitalization climbed 8.41%, reaching $144.42 billion at the time of writing.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
