It was a lawsuit that saw the young and ambitious crypto sector feel the wrath of regulation. Sweeping, persistent, and consistent, the case between the SEC and Ripple has dominated crypto headlines for more than four years. Today, it all came to an end. It’s official, the SEC drops its appeal against Ripple.
It got quite personal during the proceedings. Brad Garlinghouse, the CEO of Ripple Labs, was personally named by the SEC. It alleged that the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, i.e. by offering them to retail investors in the U.S. It’s what XRP stands for that is at issue here. A security or a virtual currency? Lack of regulation has been partially to blame. A necessary regulatory precedent no doubt.
Today, it’s all over for Brad Garlinghouse and the rest of the XRP community.
Brad calls today’s move by the SEC as a ‘surrender’. He reminded his followers on the X platform how the regulator under the leadership of Gary Gensler, had been out to terrorize participants in the crypto ecosystem.
Whether the SEC manipulated the markets or not is debatable. He mentions how ‘lawfare‘ had been used againt Ripple. Ultimately, XRP holders and the wider crypto community has had a landmark moment today. digital assets are not securities.
“The War on Crypto has ended in defeat.” Brad shared. “It’s time to make the U.S. the crypto capital of the world.”
He finished by sharing his gratitude to so many people who had supported the crypto industry over the years. And by adding how a pro-crypto U.S. government means opportunity for all.
Author: Andy Samu
See Also:
Digital tokens are securities to be regulated by the SEC, says Gary Gensler | Disruption Banking
