The prolonged legal battle between the SEC and Ripple has concluded with an unexpected outcome. The SEC's withdrawal of its appeal marks a victory for Ripple and the entire cryptocurrency sector.
End of the Long Legal Battle
Following the U.S. Securities and Exchange Commission (SEC) withdrawing its appeal, XRP's price surged significantly, reaching $2.56 and targeting $3. This event caused noticeable shifts in the cryptocurrency market.
Ripple Leadership's Reaction
After the court victory, Ripple CEO Brad Garlinghouse declared, "This is the moment we’ve been waiting for." He criticized the SEC for conducting a campaign that negatively impacted the market, wiping out $15 billion for XRP holders. Garlinghouse emphasized that the SEC's actions were more about intimidating the industry than protecting investors.
What's Next for the Crypto Market?
Reflecting on the four-year battle, Garlinghouse highlighted that the court supported Ripple on key legal points, affirming that XRP is not a security. This decision provides clearer conditions for regulating the crypto sphere and fostering innovation. He also expressed hope that this victory would help make the U.S. the 'crypto capital of the world' due to a more rational regulatory approach.
Ripple's victory over the SEC could greatly influence cryptocurrency regulation in the U.S. and marks a significant step towards industry development.
