- The SEC has decided to drop its appeal in the long-running Ripple case, marking a significant victory for the cryptocurrency company.
- Ripple CEO Brad Garlinghouse announced the case’s conclusion, ending a legal battle that began in December 2020 with the SEC’s lawsuit over an alleged $1.3 billion unregistered securities offering.
- Following the announcement, XRP’s price increased by approximately 10%, reflecting positive market sentiment about the resolution.
The Securities and Exchange Commission has officially ended its years-long enforcement action against Ripple, according to an announcement from the company’s chief executive on Tuesday. The decision marks a definitive conclusion to one of the cryptocurrency industry’s most closely watched regulatory battles.
“This is it — the moment we’ve been waiting for. The SEC will drop its appeal — a resounding victory for Ripple, for crypto, every way you look at it,” Ripple CEO Brad Garlinghouse wrote on X on March 19.
In a video accompanying his post, Garlinghouse elaborated: “I’m finally able to announce that the case has ended; it’s over.”
The conclusion comes approximately four years after the SEC initially sued Ripple in December 2020. The regulatory body had alleged that the company conducted an unregistered securities offering worth $1.3 billion, triggering a protracted legal dispute that became a focal point for the broader cryptocurrency industry.
“We’re now closing a chapter in crypto history,” Garlinghouse stated, adding that “it’s time to make the United States the crypto capital of the world.”
The cryptocurrency market responded positively to the news, with data from Cointelegraph Markets Pro and TradingView showing an approximately 10% increase in XRP’s price following the announcement. This price action demonstrates investor confidence in the resolution’s positive impact on Ripple and potentially on regulatory clarity for other digital assets.
The SEC’s decision to drop its appeal represents a significant shift in the regulatory landscape for cryptocurrencies. Throughout the case, the central question revolved around whether XRP should be classified as a security, which would subject it to much stricter regulatory requirements than commodities.
This development could have wider implications for how other digital assets are classified and regulated by U.S. authorities, potentially establishing precedents for similar cases involving cryptocurrency companies navigating complex regulatory frameworks.
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