In breaking XRP news and updates today, Ripple CEO Brad Garlinghouse has announced that the SEC has now dropped its lawsuit, marking a historic victory in the cryptocurrency market.
The case between the US Securities and Exchange Commission (SEC) and blockchain-based digital payment provider Ripple Labs Inc. has been ongoing since December 2020, until now.
“As many of you know, just over four years ago, the United States SEC filed a lawsuit against Ripple.
I’m finally able to announce that this case has ended; it’s over,” Garlinghouse stated.
“Sitting here today and reflecting on four years ago, it seems very clear to me that this case was doomed from the start.
In so many ways it was the first major shot fired in the war on crypto.
I truly felt like I knew then that not only was Ripple on the right side of the law, but I felt that we were also going to be proven to be on the right side of history.”
Garlinghouse, along with many in the crypto community, believed the SEC was targeting Ripple Labs as a way to intimidate and have control over an emerging market due to its decentralized nature.
“Picking winners in general is not something the U.S. Government should be in the business of doing,” Garlinghouse previously stated on air.
“Ripple is the first company with the resources, determination, and grit to fight back against the agencies overreach and today this journey finally concludes.
Today is a victory and a long overdue surrender by the SEC.
The SEC under Chairman Gary Gensler went after the whole industry using the same arguments they used against us.
They weren’t out to protect investors, they were out to intimidate and terrorize.
The regulator whose primary purpose is to protect investors went all in on an nonfraud, victimless lawsuit, and wiped out $15 billion of value from innocent XRP holders.
The SEC was the market manipulator, the SEC wasn’t seeking justice, they were seeking to win a case at any cost.
Forces inside our government aligned with the SEC and embarked in a campaign of ‘de-banking’, anyone associated with the crypto industry — this was lawfare, a war of legal terror.
Fortunately, the judge rebuked the SEC multiple times in this journey. First, for lacking a quote “faithful allegiance to the law”.
The SEC was sanctioned in our case for discovery abuses and the pattern was repeated in other crypto cases.”
Ripple’s case victory against the SEC solidifies a stronger foundation for the cryptocurrency market, clearing the path for further innovation in an uncharted field.
Due to the unwavering commitment of the XRP community to Ripple and its digital cryptocurrency, the impact of this change will resonate throughout the industry’s history.
The price of XRP rose more than 10% on Wednesday, reaching $2.56 on the latest Ripple news.
Our readers have been following the latest XRP news since its price was trading sub $0.50.
Make sure to read Daily Market News for the latest in Crypto, Blockchain Technology, Finance, and more.
Follow us on CoinMarketCap, Facebook, X, Instagram, and now on CoinPedia.
Also Read: Can XRP Hit $70? This analyst says its coming soon
Share this story.
About The Author
