Ripple CEO Brad Garlinghouse announced the company's victory in its legal battle against the SEC, ending over four years of litigation.
Ripple's Victory over SEC
Brad Garlinghouse, Ripple's CEO, recently released a video announcing the company's win in its long-standing legal battle against the US Securities and Exchange Commission (SEC). The regulatory body decided to drop its appeal, marking the end of over four years of legal disputes. This decision means Ripple no longer faces challenges from the SEC, providing a sense of relief to the company and its supporters. Initially, the SEC had claimed Ripple’s sales of XRP constituted securities violations, but the judge ruled otherwise, stating XRP is not a security.
The Significance of April 3
According to Coindesk, upcoming events could positively impact the market. On April 3rd, the SEC is expected to vote on whether to drop its appeal about XRP being a security. This event could set a new direction for the cryptocurrency market.
SEC's Next Steps and Digital Assets
Recently, the SEC and Gemini requested a 60-day pause in their lawsuit to explore a potential resolution. The SEC had sued Gemini in January 2023, alleging that the company offered unregistered securities through its Earn product.
Ripple's legal victory against the SEC holds significant implications for the entire cryptocurrency industry. This decision removes a threat to the company and could set a precedent for the regulation of digital assets.
