XRP Soars 8% After SEC Withdraws Appeal in Ripple Case
Ripple CEO Brad Garlinghouse revealed that the SECās appeal has been dropped. The company, despite prolonged legal struggles, has finally overcome a four-year regulatory standoff.
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Bloomberg estimates that the company has poured over $150 million into legal defense, a testament to the depth and complexity of its struggle.
The conclusion of the SEC lawsuit may open the door for further regulatory progress. The crypto community is already speculating about the potential introduction of a spot XRP ETF in the U.S.
Check this out: SEC Hits Pause on Crypto ETFs ā XRP, SOL, and DOGE Need to Wait
The SECās ruling on Ripple has sparked renewed investor confidence. Following the news that the regulator has backed off, XRPālisted on WhiteBITāhas surged roughly 8% in a single day (at the time of publication).
The SEC vs Ripple Case: A Legal Saga
The SEC launched its lawsuit against Ripple in 2020, accusing the company of conducting an unregistered $1.3 billion securities offering through XRP sales. In July 2023, Judge Analisa Torres issued a pivotal ruling, stating that Rippleās programmatic sales of XRP did not violate securities regulations. However, direct institutional sales required compliance with registration rules.
Related: Ripple vs SEC: The Longstanding Legal Battle That Changed Crypto
Adding to Rippleās challenges, the court imposed a $125 million fine, further complicating the companyās legal standing. The SEC later filed an appeal against portions of the ruling, prolonging the uncertainty surrounding Rippleās case.
The regulatory tide turned when Donald Trump took office as U.S. president. Chairman Gary Genslerās resignation from the SEC and the suspension or dismissal of key lawsuits against Coinbase and Kraken indicate a clear shift in the governmentās stance on crypto.
This is it ā the moment weāve been waiting for. The SEC will drop its appeal ā a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let's build,
Ripple CEO Brad Garlinghouse shared on X.
Read on: Ripple Files for US Crypto Custody Trademark to Step Into Storage Services
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