Ripple has concluded its longstanding legal battle with the SEC, which began in December 2020. This significant event carries several implications for the cryptocurrency market.
History of Ripple vs. SEC Conflict
The case between the US SEC and Ripple Labs Inc. began in December 2020, with the SEC accusing Ripple of conducting unregistered securities offerings through the sale of XRP tokens. The case lasted over four years, touching many aspects of cryptocurrency regulation.
Statements by Brad Garlinghouse
Ripple CEO Brad Garlinghouse stated after the case ended: "I’m finally able to announce that this case has ended; it’s over." He also noted, "It was a major confrontation with the crypto industry from the start, and Ripple was always confident in its legal standing." Garlinghouse emphasized that the SEC used legal actions as a means to exert pressure on the emerging industry.
Implications for the Crypto Market
Ripple's victory strengthens the position of the cryptocurrency market, accelerating innovation in the field. The XRP price rose by over 10%, reaching $2.56 after the announcement. This also signals to other companies in the industry that justice can prevail.
The victory of Ripple against the SEC symbolizes a pivotal moment for the entire crypto industry, pointing towards possible changes in future regulatory approaches to digital assets.
