The U.S. Securities and Exchange Commission (SEC) is officially dropping its lawsuit against Ripple Labs, according to CEO Brad Garlinghouse.
In a new video update on the social media platform X, Brad Garlinghouse says that the regulatory agency is dropping its appeal in its lawsuit against the firm, which it originally filed in December 2020 for allegedly selling unregistered securities.
“I’m finally able to announce this case has ended – it’s over. Sitting here today and reflecting on four years ago, it seems very clear to me that this case was doomed from the start. In so many ways, it was the first major shot in the war on crypto.
I truly felt like I knew then that not only was Ripple on the right side of the law, but I felt that we were also going to be proven to be on the right side of history…
Ripple is the first company with the resources, determination, and grit to fight back against the agency’s overreach, and today this journey finally concludes. Today is a victory – a long overdue surrender by the SEC.”
According to Garlinghouse, the SEC was using the guise of protecting investors as a means of stifling the digital assets industry. He also says other government agencies helped the SEC hinder the industry by debanking crypto firms.
“A regulatory whose primary purpose is to protect investors went all-in on a non-fraud, victimless lawsuit and wiped out $15 billion of value from innocent XRP holders. The SEC was the market manipulator.”
In 2023, a judge ruled that Ripple’s automated, open-market sales of XRP did not count as security offerings, countering the SEC’s allegations.
XRP has rallied 13% on Garlinghouse’s announcement, currently trading at $2.53
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