Quick take:
- The XRP token price shot up momentarily to $2.57, approximately 14% before pulling back later to $2.55.
- The SEC is no longer pursuing an appeal against the case against the crypto payments company.
- The news follows a similar trajectory witnessed over the past few weeks, during which the U.S. Securities Regulator has been dropping charges against crypto companies.
The U.S. Securities and Exchange Commission (SEC) is no longer pursuing an appeal against Ripple, according to CEO Brad Garlinghouse.
Garlinghouse announced the news via his X platform account, expressing optimism for Ripple and the crypto industry in general.
“This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it,” Garlinghouse said. “The future is bright. Let’s build.”
Speaking at the Digital Assets Summit in New York Wednesday morning, Garlinghouse highlighted the lengthy battle between Ripple and the SEC, which lasted four years.
“It’s been almost four years and about three months since the SEC originally sued us, certainly a painful journey in lots of ways,” he said. “I really deeply believed that we were going to be on the right side of the law and on the right side of history.”
The XRP price shot up 14% after the news, rising to trade at $2.57, before edging slightly lower to $2.55.
The news follows a similar trajectory witnessed in the past few weeks, during which, the SEC dropped several cases against crypto companies.
Last month, the Securities regulator ended its enforcement actions against Coinbase and ended investigations into Uniswap, Gemini, Consensys and Robinhood’s crypto unit.
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