XRP jumped 10% Wednesday in the US morning hours when Ripple CEO Brad Garlinghouse said the US Securities and Exchange Commission (SEC) is ready to drop his appeal against Ripple, the company close next to the XRP -Tokens
“This is it – the moment we’ve been waiting for. SEC will drop his appeal,” Garlinghouse posted on X. “A resounding victory for Ripple, for Crypto, any way you see it.”
Reports last week claimed that the long -standing legal battle between Ripple and the Agency was approaching it. SEC filed a lawsuit against Ripple in 2020 and claimed that the company raised $ 1.3 billion via unregistered securities sales of XRP tookens.
US judge Analisa Torres gave up in 2023 that although Ripple violated the federal securities law with institutional sales, the programmatic sale of tokens to retail exchange did not violate the law, a decision that many considered a partial victory for Ripple. The judge handed a fine of $ 125 million against Ripple last August. SEC filed a “Announcement of Appeal” after the decision.
SEC’s lawsuit against Crypto Company, which Garlinghouse described as the “first big shot fired in the war against crypto”, had resulted in $ 15 billion in losses for proprietors of XRP. Previous cases from SEC were completed quickly, making this trial against Ripple a prominent act against the crypto industry.
Following the departure of former SEC chairman Gary Gensler, the Commission has dropped several cases, including its investigations of Coinbase. While President Donald Trump has nominated Paul Atkins to act as the next chairman, the Senate has not yet planned a confirmation hearing for his confirmation.
Update (March 19, 13:42 UTC): Adds background and details of the legal battle between SEC and Ripple.
