The U.S. Securities and Exchange Commission (SEC) has dropped its appeal against Ripple, a move met with enthusiasm both domestically and globally in the cryptocurrency market.
Context of Ripple vs. SEC
For the past four years, Ripple and the SEC have been engaged in intense legal battles. The main disagreement was over the regulation of XRP, the cryptocurrency used by Ripple. Former SEC head Gary Gensler adopted a stringent policy towards cryptocurrencies, which prolonged the litigation.
Ripple's Perspective
Ripple CEO Brad Garlinghouse publicly hailed the dropping of the appeal as a long-awaited victory. Meanwhile, Ripple's Chief Legal Officer Stuart Alderoty highlighted that this development strengthens the company's position and opens up new avenues for Ripple's ambitions.
Market Reaction and Next Steps
The market responded with a sharp increase in XRP prices, which surged over 11% in minutes, reaching $2.54. Ripple plans to further assess its actions regarding the cross-appeal and develop new strategies.
The SEC's decision to drop the appeal against Ripple is a significant milestone for both the company and the entire crypto market. The industry is eagerly watching for further developments and the potential implications of this decision on cryptocurrency regulation as a whole.
