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After more than four years of legal battles, the United States Securities and Exchange Commission (SEC) has dropped its appeal against Ripple. In an update on X, Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), celebrated the development as a major legal victory.
Ripple eyes expansion beyond legal hurdles
Alderoty noted that the Ripple v. SEC case is a legal precedent in the crypto industry. The case has caught the attention of the entire crypto industry as it concerns U.S. regulation and could impact other blockchain projects under scrutiny by the SEC.
Godfrey BenjaminNotably, in December 2020, the SEC sued Ripple Labs for selling XRP as an unregistered security. However, Ripple fought back, challenging the regulatory agency’s position.
After a Federal judge delivered a mixed judgment on the case in June 2023, the SEC countered the ruling in 2024 to the Second Circuit of the U.S. Court of Appeals.
With the case dropped, Alderoty considers Ripple to have an edge in challenging aspects of the case it considers unfavorable to it.
"With the SEC dropping its appeal, Ripple is now in the driver's seat and we’ll evaluate how best to pursue our cross appeal," Alderoty wrote.
The Ripple CLO also stated that with the legal hurdle now cleared, Ripple will focus on expanding its businesses. This is because litigation will no longer distract the global cross-border payment platform.
XRP reacts with strong rally
Interestingly, following the development of the Ripple lawsuit, the price of XRP has reacted with a 14% leap in the crypto market. As reported by U.Today, XRP rose to a high of $2.59 after falling to a low of $2.26 in early trading.
Analysts predict that with the legal issue now cleared, XRP might record massive gains and soar to new heights.
Interestingly, during the recent market downturn, XRP remained resilient and even attracted institutional investors.
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