In a massive development for the crypto industry, the US Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against Ripple. The firm’s CEO, Brad Garlinghouse, made this revelation about the Ripple lawsuit, which has sparked a massive surge in the XRP price.
US SEC Officially Drops Ripple Lawsuit
In an X post, Ripple CEO Brad Garlinghouse revealed that the US SEC had dropped the five-year-long Ripple lawsuit, which began in 2020. This is still subject to the Commission’s vote. In his words, Garlinghouse said,
This is it. The moment we have 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.
In his announcement, Garlinghouse also reflected on the Ripple lawsuit, stating that it was clearly “doomed” from the start. He remarked it was the first major shot fired at the crypto world and that his company was the first to fight the SEC’s overreach.
The Ripple CEO stated that Gary Gensler’s SEC wasn’t out to protect investors but was out to “intimidate and terrorize.” Although Gensler didn’t kickstart the lawsuit against the crypto firm, his administration pursued the legal battle with all vigor.
The SEC had argued that XRP was a security and that Ripple violated securities laws when it sold the crypto as an unregistered security to institutional investors. However, Judge Analisa Torres ruled in 2023 that XRP wasn’t a security.
With the XRP lawsuit over, expert All Things XRP has predicted that the crypto firm may announce an IPO and expand banking partnerships.
Looking Forward To Crypto Policies
Garlinghouse remarked that the rulings in the Ripple lawsuit, including the one on XRP not being a security, have laid the groundwork for policymakers to create rules for the crypto industry that align with existing securities laws.
The Ripple CEO asserted that today’s news means the war on crypto has ended in defeat. He added that he is happy that they have paved the way for other industry players to see the value in not backing down and for others to use their legal playbook to fight back.
Moving forward, Garlinghouse said that it is time to make the US the crypto capital of the world. He remarked that, thankfully, there is a new leadership in both the executive and legislative arm that is seeking a “rationale and constructive” way forward on crypto.
As CoinGape reported, Bo Hines, the Executive Director of the Presidential Working Group on Digital Assets, has predicted that the US Congress could pass stablecoin legislation in the next two months, paving the way for US President Donald Trump to assent to it.
The Ripple CEO also mentioned that it is time to leave the tribalism behind and for the whole crypto industry to work together. Lastly, he thanked everyone who played an integral role in the Ripple lawsuit, including employees, the legal team led by Chief Legal Officer Stuart Alderoty, the XRP community, and partners and customers.
The post Breaking: US SEC Officially Drops Ripple Lawsuit appeared first on CoinGape.
