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Breaking: SEC to Drop Appeal Against Ripple
In a shocking turn of events, it has been announced that the Securities and Exchange Commission (SEC) will be dropping its appeal against Ripple Labs Inc. The decision comes as a major victory for Ripple, which has been embroiled in a long-running legal battle with the SEC.
According to recent statements from Brad Garlinghouse, CEO of Ripple, the company is “thrilled” about the development and is looking forward to moving on from this chapter.
“We’re thrilled that we can put this behind us,” Garlinghouse said. “We’re eager to focus on what matters most – building a better financial future for everyone.”
The SEC had initially taken issue with Ripple’s XRP token, claiming it was an unregistered security and therefore in violation of federal securities laws. However, the court ultimately ruled in Ripple’s favor, stating that the SEC failed to demonstrate that the company had acted willfully or recklessly.
It seems now that the SEC has decided not to pursue further legal action against Ripple. This news has sent shockwaves through the cryptocurrency market, with many interpreting it as a significant win for Ripple and XRP investors.
As of this writing, XRP is trading at $2.54, up over 11% on the day after the announcement.
While the move marks a major victory for Ripple, it remains to be seen what this development may mean for the overall cryptocurrency market. One thing is certain – this news has sent shockwaves through the space and will undoubtedly have far-reaching implications.
Ripple’s CEO also stated that the company will carefully consider its next steps regarding the cross-appeal, marking a stronger position for Ripple following this event.
In conclusion, despite some uncertainty surrounding what comes next, it can be marked as a celebration of victory.
Source: https://u.today/breaking-sec-to-drop-appeal-against-ripple
