SEC’s Official Statement on Ripple Lawsuit Still Pending: Here’s What We Can Expect

Brad Garlinghouse, CEO of Ripple, recently announced that the SEC has finally dropped its appeal against Ripple, marking the end of a lengthy legal battle that lasted over three years. The SEC has decided not to pursue further legal action, confirming that Ripple is no longer under threat from the regulatory body.

This decision has had an immediate impact on XRP’s price, which surged following the announcement. The legal saga, which began with the SEC’s claim that Ripple violated securities laws by selling XRP, has been a major point of contention in the cryptocurrency space.

Despite a series of favorable rulings for Ripple, the SEC continued to appeal in January 2024, even after the resignation of SEC Chairman Gary Gensler. The ongoing legal challenges frustrated Ripple and its supporters, especially since the court had already ruled in Ripple’s favor, declaring that XRP is not a security.

Where Is The Official SEC Statement?

While Ripple’s legal battle with the SEC seems to have come to an end, some are still waiting for the official word from the SEC itself. A user raised a valid point, questioning why there hasn’t been an official statement yet from the SEC about dropping the appeal against Ripple.

Fox Business journalist Eleanor Terrett responded, explaining that the SEC still needs to formally approve the withdrawal of its appeal. Once the Commission gives the green light, they can expect a press release similar to the one issued earlier this year when the SEC dismissed its lawsuit against Coinbase.

Terrett added that the SEC typically addresses matters of litigation and enforcement during their closed meetings. The dismissal of the Ripple case will likely be discussed at one of these meetings, which is scheduled for next Thursday.

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQs