Today signifies a historic victory for Ripple as the Securities and Exchange Commission, SEC officially drops its appeal against the firm. The payment provider CEO, Brad Garlinghouse confirmed the development in a post on X, stating that the discharge is subject to the commission’s vote and approval.
Reacting to the development, Brad Garlinghouse stated that the litigation which began about four years ago was doomed from the start. According to him, Ripple was the first major crypto platform to face severe regulatory scrutiny from SEC in the industry.
Garlinghouse added that Ripple was always on the right side of the law and, as such will be proven on the right side of history. He also added that the victory sends an ominous sign for innovation around cryptocurrency in the United States.
According to the exec, the SEC under the administration of Gary Gensler wasn’t looking out for investors, but rather intimidating and terrorizing them. He added that the commission, neglecting its duty initiated a lawsuit and wiped out $15 billion of value from “innocent XRP holders”. Garlinghouse described the commission as a “market manipulator”, seeking to win a case at any cost.
Similarly, the exec noted that the war on cryptocurrency has ended in defeat for those who turned the government against the industry. The CEO added that he’s grateful that Ripple has shown the reward of not giving up to other players in the industry. He also added that other industry members can now use the firm’s playbook to fight back.
The CEO expressed gratitude to everyone who stood by Ripple, including its employees, and its legal team led by its chief legal officer, Stu Alderoty. He also thanked the XRP family, customers, and partners for winning the battle together.
SEC and Ripple lawsuit
Recall that the journey began in 2020 after SEC initiated a lawsuit against Ripple Labs Inc., its ceo Brad Garlinghouse and co-founder Christian Larsen. The commission accused Ripple of raising over $ 1.4 billion from the issuance of its security, XRP, violating the federal securities laws. The firm however argued that XRP was a digital asset, and not a security as claimed by the commission.
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