Big Breaking: SEC Drops XRP Case, Ripple CEO Confirms
The post Big Breaking: SEC Drops XRP Case, Ripple CEO Confirms appeared first on Coinpedia Fintech News
After more than four years of legal battles, the U.S. Securities and Exchange Commission (SEC) has officially dropped its lawsuit against Ripple Labs (pending vote of the commission). The case, which was filed in December 2020, accused Ripple of conducting an unregistered securities offering by selling XRP.
Ripple’s CEO, Brad Garlinghouse, expressed relief and pride as he reflected on the outcome. “It’s over,” Garlinghouse said, explaining how the case marked a pivotal moment in the ongoing struggle for clarity in the cryptocurrency industry. “Looking back on four years ago, it’s clear to me that this case was flawed from the start. It was the first major shot fired in the war against crypto.”
Garlinghouse went on to explain that, while Ripple faced huge challenges, the company always believed it was on the right side of history. “I knew we weren’t on the wrong side of the law, and I believed we’d ultimately be proven right. Today’s outcome is a victory for innovation and a long-overdue surrender by the SEC under Chairman Gary Gensler.”
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.
The future is bright. Let's build. pic.twitter.com/7WsD0C92Cm
This decision is seen as a major win for the cryptocurrency industry, as it represents the first successful fight against the SEC’s broad interpretation of securities laws applied to digital assets. Garlinghouse credited Ripple’s resources, determination, and grit for pushing back against regulatory agencies.
For many in the crypto community, the SEC’s action was seen as an effort to intimidate the industry, using arguments that they claimed were meant to protect investors but ultimately did more harm than good. As the crypto industry continues to grow, Ripple’s victory signals a turning point in regulatory efforts, reinforcing the need for clearer guidelines that support innovation without stifling progress.
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