The United States Securities and Exchange Commission's (SEC) multiyear case against Ripple is nearing its end, as announced by the company’s CEO, Brad Garlinghouse.
Conclusion of a Lengthy Legal Battle
The legal battle between Ripple and the SEC has been ongoing for four years. The SEC sued the company in December 2020, alleging an unregistered securities offering totaling $1.3 billion.
Ripple CEO's Commentary
Garlinghouse stated on X, "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." In the accompanying video, he added, "I'm finally able to announce that the case has ended; it’s over."
Positive Market Reaction
Data from Cointelegraph Markets Pro and TradingView show a positive reaction in the crypto market following these announcements, with XRP's price jumping by 10%.
The conclusion of the SEC case allows Ripple to focus on its continued efforts to promote cryptocurrency adoption and strengthen its market position. This development is expected to have a positive influence on the industry at large.
