XRP Making a Comeback?
After four years, the U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple Labs, originally filed in December 2020 over allegations that XRP was an unregistered security.
Ripple CEO Brad Garlinghouse confirmed the news on X, calling it a “long-overdue surrender.” He stated, “This case was flawed from the start.” The lawsuit led to massive losses, wiping out $15 billion from XRP holders, but Ripple stood firm, insisting it was never a security.
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A judge ruled in 2023 that XRP sales on public exchanges did not violate securities laws. “We won on every critical legal point,” Garlinghouse noted.
The SEC, under Acting Chairman Mark Uyeda, has been easing its stance on crypto, recently dropping cases against Coinbase, Uniswap Labs, and Kraken. Reports suggest the agency even debated classifying XRP as a commodity.
Garlinghouse criticized the SEC’s actions, claiming they aimed to “intimidate and terrorize” rather than protect investors. He urged the crypto industry to push for clear regulations.
Following the announcement, it surged 14%, climbing from $2.30 to $2.56, with trading volume up 73% to $6.1 billion. Garlinghouse thanked Ripple’s team, lawyers, and supporters, saying, “We couldn’t have won without you.”
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