U.S. Regulation

XRP Price Surges 14% as SEC Drops Ripple Lawsuit After 4 Years

After four long years, the U.S. Securities and Exchange Commission (SEC) is finally dropping its lawsuit against Ripple Labs. The case started in December 2020 when the SEC accused Ripple of selling XRP as an unregistered security. Ripple’s CEO, Brad Garlinghouse, confirmed the news in few minutes ago on X. He said it is a “long-overdue surrender” by the SEC. “It’s over, This case was flawed from the start.”

Meanwhile, the lawsuit caused massive losses for XRP holders. They lost around $15 billion wiped out over the years, but Ripple never backed down, saying from the beginning that XRP was not a security.  A judge agreed in 2023, ruling that XRP sales on public exchanges didn’t break securities laws. That win was a major blow to the SEC’s argument. “We won on every critical legal point,” Garlinghouse stated. “That is now the law.”

This decision comes at a time when the SEC is shifting its approach under Acting Chairman Mark Uyeda. The agency has dropped cases against other crypto companies, including Coinbase, Uniswap Labs, and Kraken. Reports suggest the SEC was even debating whether XRP should be classified as a commodity instead of a security, similar to Ethereum.

Garlinghouse believes the SEC was never really trying to protect investors. “They were out to intimidate and terrorize,” he said. He called for the crypto industry to unite and push for clearer rules. “We are closing a chapter in crypto history. I think we’re all stronger for it,” he added. He also noted that more political leaders are supporting crypto-friendly policies, which could lead to better regulations in the future.

Following the announcement, XRP’s price jumped over 14%, climbing from $2.30 to $2.56, according to CoinMarketCap. The trading volume has also surged by 73% to $6.1 billion. Garlinghouse thanked the Ripple team, its lawyers, and the XRP community for standing by the company throughout the fight. “We couldn’t have won this battle without all of you,” he said.

Terron Gold

Recent Posts

Tether Blacklists 370 Wallets and Freezes Over $514 Million in USDT in Just 30 Days

Stablecoin giant Tether has dramatically escalated its enforcement activity after blacklisting 370 blockchain addresses and freezing approximately $514.64 million worth…

4 days ago

Coinbase Suffers Major Trading Outage After AWS Infrastructure Failure

Crypto exchange giant Coinbase experienced a major service outage that disrupted trading, transfers, and exchange operations after…

4 days ago

LayerZero Issues Public Apology After $292 Million Kelp DAO Exploit

Cross-chain messaging protocol LayerZero has publicly apologized for its handling of the massive Kelp DAO exploitthat drained approximately $292…

4 days ago

PayPal and Google Say AI-Driven Commerce Will Run on Crypto Rails

Executives from PayPal and Google Cloud said the future of “agentic commerce” — where AI agents autonomously buy goods,…

4 days ago

Kraken Parent Company Applies for Federal OCC Banking Charter

Crypto exchange giant Kraken is making a major move deeper into the U.S. financial system after its…

4 days ago

Taiwan News Anchor Indicted in Crypto-Funded Chinese Propaganda and Military Bribery Scandal

A major national security scandal has erupted in Taiwan after prosecutors indicted a Taiwanese news…

5 days ago