It has just been announced that the SEC will drop its appeal against Ripple, the San Francisco-based company that uses the XRP cryptocurrency in its operations.
According to an announcement made by Ripple CEO Brad Garlinghouse on X, this is the moment the company has been waiting for, and the dropping of the appeal is a resounding victory for Ripple and for crypto.
Godfrey Benjamin"Every way you look at it," highlights Garlinghouse.
Ripple v. SEC
In his speech, the Ripple CEO highlighted how the legal battle has unfolded over the last 4 years, not forgetting to take a dig at Gary Gensler, the former SEC head, infamous for his enforcement policies towards the crypto industry. Gensler resigned from his post on January 20 this year, after the new US administration took the steering wheel.
Tomiwabold OlajideIt's over and the case is closed, Garlinghouse notes. But the reality is that the crypto company is still appealing to the regulator. And it's far from being dropped. At least that is what Stuart Alderoty, Ripple's chief legal officer, suggests. In his post responding to the news,
In his response to the news, Alderoty stated that Ripple is now in a stronger position and will carefully consider its next steps regarding the cross-appeal. Despite this, Alderoty marked the day as a celebration of victory.
Gamza KhanzadaevWell, how this ends remains to be seen. For now, everyone on the Ripple side is definitely celebrating. This can be seen on the price chart of XRP, as the third largest cryptocurrency shot up over 11% in a matter of minutes. XRP is currently trading at $2.54.
Vladislav Sopov
Dan Burgin