The long-running Ripple vs SEC lawsuit initiated in December 2020 is coming to an end. Both parties have agreed to dismiss appeals, marking an important event for the entire cryptocurrency market.
Conclusion of the Case: What Happened?
This week, the U.S. Securities and Exchange Commission (SEC) filed a status report with the Court of Appeals noting that both parties had jointly agreed to dismiss their appeals. Former SEC lawyer Marc Fagel mentioned that the only step remaining is an administrative action by the court clerk to formally close the case.
> "For the sake of clarity, the only thing remaining is administrative closing of the case by the clerk. No judge approval is required. So it’s essentially over already," Fagel explained.
Market Reaction: Ripple's Success and XRP
A few days ago, Ripple and other key figures confirmed the news that the lawsuit is officially over, and this announcement spread quickly in the crypto community, eliciting a positive response. Following the announcement, XRP's price surged, and other cryptocurrencies like Ethereum also experienced growth. There are predictions that if buying pressure continues, XRP may reach new heights.
Implications for the Crypto Community
The conclusion of the SEC case removes one of the largest uncertainties surrounding Ripple and its token, XRP. For years, the lawsuit raised doubts about whether XRP was a security, limiting partnership opportunities and adoption in the U.S. With the legal battle now concluded, Ripple is expected to pursue new business agreements and product announcements, which the company has hinted at and could be revealed in the coming months.
The Ripple vs. SEC lawsuit is practically over, with only a routine step pending from the court clerk to formally dismiss the appeal. This event marks the end of a prolonged legal struggle and the beginning of a new growth phase for the cryptocurrency.
