XRP:SEC ends battle against Ripple
Brad Garlinghouse, Ripple’s CEO, announced on X on March 19 that the US SEC had dropped its long-running lawsuit against the company, ending a four-year legal battle that cost XRP holders about $15 billion in losses.
“The time we’ve been waiting for has finally arrived.” SEC will withdraw its appeal, a huge win for Ripple, XRP, and the crypto industry.
“I can finally declare that this case is over. “It’s over,” Garlinghouse declared during a video speech. ‘I sit here today and think back on the events of four years ago that this case was doomed from the beginning. Ripple’s leader added
Garlinghouse’s announcement comes after reports surfaced last week that the financial watchdog considers classifying XRP as a commodity as part of ongoing settlement talks with Ripple.
The possible reclassification results from evaluating XRP’s trading characteristics and utility compared to Ethereum, which the SEC classifies as a commodity.
SEC has made great strides to change its regulatory strategy under the Mark Uyeda administration. The financial watchdog has also stopped over ten high-profile crypto enforcement cases, against Coinbase, Uniswap Labs, and Kraken.
The court’s earlier decisions that XRP is not a security, according to Garlinghouse, are now accepted legal precedents. , Garlinghouse said the “war on crypto” was over with today’s resolution
He expressed hope that Ripple’s successful defense would catalyze other industry players in addition to calling for industry unity and urged participants to “come together” and “leave the tribalism behind,”, encouraging them to stand firm against regulatory overreach. He also shared his vision for the US to become the “crypto capital of the world.”.
The CEO of Ripple also expressed gratitude to the XRP community, partners, the legal team, and Ripple employees for their support during the protracted legal battle.”.
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