The U.S. Securities and Exchange Commission’s (SEC) long-running legal battle with Ripple is finally coming to a close, marking a major victory for the company and the broader crypto industry.
Ripple CEO Brad Garlinghouse announced on March 19 that the SEC will drop its appeal against the company, effectively ending the multi-year enforcement action.
“This is the moment we’ve been waiting for”
“This is it — the moment we’ve been waiting for. The SEC will drop its appeal — a resounding victory for Ripple and for crypto in every way,” Garlinghouse wrote on X (formerly Twitter).
In an accompanying video, Garlinghouse confirmed, “I’m finally able to announce that the case has ended; it’s over.”
The resolution comes four years after the SEC filed a lawsuit against Ripple in December 2020, alleging that the company conducted a $1.3 billion unregistered securities offering through its sale of XRP.
Announcement at the Digital Asset Summit
Garlinghouse made the announcement at the Digital Asset Summit in New York.
“Just a few minutes ago, right before I walked up here, I posted on X that the SEC is no longer pursuing their appeal in the Ripple case,” he told the audience.
“We’re now closing a chapter in crypto history,” Garlinghouse added. “It’s time to make the United States the crypto capital of the world.”
Gratitude and a Path Forward
Garlinghouse expressed gratitude toward the new SEC leadership and members of the U.S. government for working toward a “rational and constructive” approach to crypto regulation.
“It’s gratitude to everyone who stood by us — to every Ripple employee, to our incredible legal team, to the XRP family, our customers, and our partners,” Garlinghouse said.
He described Ripple’s victory as a turning point for the U.S. crypto industry, highlighting that it sends a “powerful message” about the future of innovation in the sector after years of regulatory pressure under former SEC Chair Gary Gensler.
XRP Spikes Following the News
Ripple’s token, XRP, surged approximately 9% in the first hour after the announcement, according to data from Cointelegraph Markets Pro and TradingView.
At the time of publication, XRP ranked as the third-largest cryptocurrency by market cap, reaching $146 billion.
The news also triggered a broader rally across the crypto market, with multiple tokens posting minor gains in response to Garlinghouse’s statement.