Ripple CEO sees the SEC’s decision to drop its appeal as a significant win for the crypto industry. This move marks a turning point in the ongoing regulatory fight, boosting optimism for clearer crypto regulations.
“This is it—the moment we have been waiting for,” Garlinghouse said in a video uploaded on X. “The SEC formally is declining its appeal. This is a win for Ripple, a win for crypto, and a win for rule clarity.
Garlinghouse boldly addressed the crowd during the Digital Asset Summit in New York, making the announcement. He underlined that the outcome of this matter goes beyond Ripple to include establishing a standard for equitable handling of American digital assets.
A Long Road to Triumph
Alleging that Ripple had engaged in an unregistered securities offering valued at $1.3 billion through sales of its XRP token, the SEC initially sued the company in December 2020. With significant ramifications for digital asset control, the ensuing legal fight became among the most carefully watched events in the crypto sector.
Ripple has maintained over the years that XRP is a digital asset used for payments rather than a security. A major turning point in the matter came in July 2023 when a judge said XRP was not a security traded to the public via exchanges. Institutional sales of XRP were still considered securities transactions.
The SEC proceeded with an appeal even with this partial triumph. With the most recent advancements, Ripple can now at last provide evidence for its case.
The phrase implies what it means for cryptocurrencies.
Garlinghouse presented the choice as a beneficial change in government attitude toward cryptocurrencies. He thanked staff members of Ripple, attorneys, and the larger XRP community for their relentless support.
“I could not be more appreciative of everyone who stayed by us,” he stated. “This triumph speaks a great message: it’s time for the U.S. to embrace crypto and lead the way in innovation.”
XRP surged around 9%, in line with rising market confidence based on the news. The whole crypto market responded well, with several tokens seeing minor increases.
Future Looking Ahead
Although the SEC has not formally issued a statement verifying its choice, the action fits current changes in regulations. The agency has shifted its stance on crypto enforcement and dropped a few high-profile cases under Acting Chairman Mark Uyeda’s leadership.
Regarding Ripple, things seem bright. The company can now concentrate on growing its activities and enhancing its position in the financial technology market, as regulatory uncertainty is decreasing.
This case will probably be historic as the crypto sector develops, one that might influence digital asset control going forward in the United States and beyond.
