CEO Garlinghouse: The SEC will withdraw its appeal against Ripple.

According to information from the CEO of Ripple, the Securities and Exchange Commission of the United States' prolonged legal enforcement action against the company is finally about to come to an end.

"This is the moment we have been waiting for. The SEC will withdraw its appeal — a resounding victory for Ripple, for crypto, from every angle," Ripple CEO Brad Garlinghouse wrote on X on March 19.

!()https://img.gateio.im/social/moments-910e4b3c501be9dc8bea04623e59955b[ripple]Brad Garlinghouse – CEO of Ripple "I can finally announce that the lawsuit is over," Garlinghouse said in the video attached to the X post

The lengthy legal battle between Ripple and the SEC has been ongoing for four years since the U.S. Securities and Exchange Commission sued the company, alleging it sold $1.3 billion in unregistered securities in December 2020.

To withdraw the appeal, the SEC still needs to cast an official vote, but the agency can control the timeline.

Garlinghouse announces news at the Digital Asset Summit

Garlinghouse's announcement regarding the conclusion of the SEC-Ripple lawsuit took place during the Digital Asset Summit in New York.

"Just a few minutes ago, right before I came up here, I posted on X that we could announce the SEC is no longer pursuing the appeal in the Ripple case."

"We are closing a chapter in the history of crypto," Garlinghouse said in a video on X, while emphasizing that "it is time to make the United States the crypto capital of the world."

"The important message that Ripple wants to convey is deep gratitude"

In a statement, Garlinghouse praised the new leadership of the SEC and the executive and legislative branches of the U.S. government for "seeking a reasonable and constructive approach to the future of crypto."

The CEO emphasized that he wants to express his deep gratitude:

"Gratitude to all those who stood by us, to every Ripple employee, to the amazing legal team at Ripple, led by the best legal director in the industry. And of course, gratitude to the XRP family, our customers, and our partners."

Data from TradingView shows that the crypto market has reacted positively to this development. The price of XRP has increased by over 14% in the 24-hour timeframe, currently trading at $2.56.

XRP Price Chart 4 Hours | Source: TradingViewDisclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions

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Minh Anh

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