Ripple CEO Brad Garlinghouse took to social media on Wednesday to announce that his company's legal battle with the U.S. Securities and Exchange Commission has ended.
"As many of you know, just over four years ago, the United States SEC filed its lawsuit against Ripple. I'm finally able to announce that this case has ended. It's over,"
The price of XRP, the token closely associated with Ripple's business activities, quickly jumped by more than 8% and was changing hands over $2.50 before dropping slightly, according to The Block Price Page.
The SEC still has to vote officially to drop the appeal, but the agency can control the timeline.
The regulator's case against Ripple has been going on for years. In 2020, the SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it claims is an unregistered security. Over a year ago, U.S. District Court for the Southern District of New York Judge Analisa Torres ruled that some of Ripple’s sales, called programmatic, of XRP did not violate securities laws because of a blind bid process in place for them. She did, however, rule that other direct token sales to institutional investors were securities. Later in August, Judge Torres ordered Ripple to pay $125 million in fines.
In October of last year, the SEC appealed the case, and said the district court's decision conflicted with "decades of Supreme Court precedent and securities laws."
"It seems very clear to me that this case was doomed from the start," Garlinghouse also said Wednesday. "In so many ways, it was the first major shot fired in the war on crypto."
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