- Ripple CEO Brad Garlinghouse announces the SEC has dropped its appeal, marking the end of a four-year lawsuit and a major victory for Ripple and the cryptocurrency market
- XRP rallies to $2.47, up 10.46% in 24 hours, as investors celebrate the SEC’s decision and the removal of regulatory pressure from Ripple’s altcoin
- Garlinghouse criticizes the SEC under Gary Gensler, accusing it of targeting the crypto industry with a non-fraud, victimless lawsuit that caused $15 billion in losses for XRP holders
Ripple Labs CEO Brad Garlinghouse has just shared exciting news on social media, on a legal decision that affects not only XRP holders but the entire cryptocurrency market as well. Only moments ago, the main executive at Ripple announced in a video posted on his X account that the long-lasting SEC lawsuit was finally over, as previously anticipated in this post.
“As many of you know, just over four years ago the United States SEC filed its lawsuit against Ripple,” Garlinghouse said. “I’m finally able to announce, that this case is over.”
In the announcement, the Ripple CEO revealed that the U.S. Securities and Exchange Commission has decided to drop its appeal, choosing not to challenge N.Y. Judge Anelisa Torres’ 2023 ruling, which declared that XRP is not a security.
The SEC’s decision is still pending a majority vote of the panel but already marks a significant shift in stance by the Commission under Acting Chair Mark Uyeda.
Garlinghouse Criticizes the SEC and Celebrates Ripple’s Victory
In the same video, Garlinghouse also celebrated the fact that Ripple was one of the first companies to have the funds and the courage to fight back against the SEC. Later, he criticized the then-Chair Gary Gensler.
“The SEC under Chairman Gary Gensler, went after the whole industry,” Garlinghouse pointed out. “They [the SEC] weren’t out to protect investors, they were out to intimidate and terrorize.”
“The regulator whose primary purpose is to protect investors, went all in on a non-fraud, victimless lawsuit — and wiped out $15 billion in value from innocent XRP holders.”
XRP on The Rise
The announcement prompted a swift rally for XRP, gaining a substantial amount of value in a very short time frame. As of right now, the asset trades at $2.47, up by a whopping 10.46% over the last 24 hours.
Despite the incredible ascend Ripple’s altcoin has embarked since November of last year, many still believe that XRP could gain even more value without the negative pressure of connotation of being on the SEC’s crosshair.
Whether those speculations will materialize or not, we’ll only know in the very shortcoming future. Once the SEC board confirms the appeal drop, Ripple will officially be free from the lawsuit.
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