- Ripple CEO Brad Garlinghouse says the SEC will drop its appeal in a case against the XRP creator.
- XRP price shot up 12% amid the news, trading higher as the Ripple community celebrated.
Ripple CEO Brad Garlinghouse has announced via X that the United States Securities and Exchange Commission (SEC) is set to drop its appeal in a lawsuit against the company.
According to Garlinghouse, the SEC’s decision to drop the appeal marks a major victory for Ripple and the broader crypto ecosystem.
“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,” Garlinghouse posted on X.
He added,
“I’m finally able to announce that the case has ended; it’s over.”
XRP, the cryptocurrency by Ripple at the center of the four-year long legal battle, reacted sharply to the news. At the time of writing, XRP traded around $2.52, more than 12% up in 24 hours. Most of these gains came after Garlinghouse’ announcement.
Ripple’s legal battle with SEC is over
The anticipation that SEC will drop its appeal against Ripple and end a case that grabbed the attention of crypto for four years has been high for several weeks.
A lot of it was down to the regulator’s recent actions, with multiple crypto cases ended and investigations dropped. Cases against Coinbase, Kraken and Gemini among others ending pointed to one possibility – the SEC was also considering withdrawing its appeal against Ripple.
Indeed, reports last week suggested the regulator was looking into this – with Ripple lawyers’ demands around a $125 million fine among stumbling blocks then.
On March 19, on the sidelines of the Digital Asset Summit in New York, Garlinghouse announced the SEC will indeed be dropping its appeal. The XRP saga ending is major news for the Ripple community.
“Just a few minutes ago, right before I walked up here, I posted on X that we can now announce that the SEC is no longer pursuing their appeal in the Ripple case,” Garlinghouse told attendees at the summit.
The SEC has not issued an official statement to confirm this, but the community is already looking at a new era for Ripple and XRP.
