Ripple CEO Brad Garlinghouse recently released a 4-minute video announcing that Ripple had won its long-standing legal battle against the SEC. The regulatory body decided to drop its appeal, marking the end of over four years of legal disputes. This decision means Ripple no longer faces SEC challenges, giving the company and its supporters a sense of relief.
The appeal had been filed in January, following a series of cases where judges ruled in Ripple’s favor. Despite SEC Chairman Gary Gensler’s resignation in January, the agency continued with the appeal, which frustrated Ripple and the broader crypto community.
The SEC had claimed Ripple’s sales of XRP constituted securities violations, but the judge ruled otherwise, stating XRP is not a security. However, the entire community is now eagerly awaiting confirmation from the SEC. While the SEC has recently confirmed that it has dropped cases against Kraken and Cumberland, Ripple’s case has not yet been officially confirmed.
Why is April 3 Important?
According to Coindesk, upcoming events could boost the market. On April 3rd, the US Securities and Exchange Commission is expected to vote on whether to drop its appeal about XRP being a security. Then, on April 9th, a US House crypto hearing is likely to help clarify regulations for digital assets.
Recently, the SEC and Gemini requested a 60-day pause in their lawsuit to explore a potential resolution. The SEC had sued Gemini in January 2023, alleging that the company offered unregistered securities through its Earn product.
