BREAKING: SEC Drops its Appeal Against Ripple (XRP) After Four Years

Ripple CEO Brad Garlinghouse announced on X today, March 19th, that the United States Securities and Exchange Commission (SEC) has unexpectedly dropped its long-running lawsuit against Ripple Labs.

The agency has dismissed its protracted lawsuit against Ripple, ending a four-year legal battle that allegedly cost XRP holders an estimated $15 billion and officially concluded in Ripple’s favor.

Ripple Gains Legal Victory at Last

Ripple’s legal battle, which CEO Brad Garlinghouse termed “the first major shot fired in the war on crypto,” inflicted approximately $15 billion in losses on XRP holders.

However, Garlinghouse highlighted key legal wins, asserting that the court’s decision established XRP as not a security. This ruling, he stated, now legally sets that precedent. He further cited former SEC Chair Mary Jo White’s public declaration that the agency’s pursuit of the case was fundamentally flawed.

Additionally, Garlinghouse criticized the SEC’s approach under Chairman Gary Gensler, arguing that its broad-based attack on the entire cryptocurrency industry relied on arguments mirroring those used against Ripple.

Moreover, the SEC’s conduct during the proceedings also drew judicial rebuke and sanctions for discovery abuses, with the judge citing the agency’s failure to uphold its legal obligations.

“This is it. The moment we have been waiting for. The SEC will drop its appeal, a resounding victory for Ripple, for crypto, every way you look at it. The future is bright, let’s build,” Brad Garlinghouse stated.

Garlinghouse expressed his gratitude to Ripple’s employees, the legal team spearheaded by Chief Legal Officer Stu Alderoty, and the wider XRP community, stating:

“This is a fight Ripple never wanted, but one we knew we had to win. And today, emphatically, we have.”

Ripple and SEC’s Previous Agreement

On March 13th, Fox Business reporter Eleanor Terrett stated that Ripple Labs’ dispute with the SEC appears to be close to resolution. Recent reports indicate the case is nearing its conclusion, potentially signifying a pivotal moment for XRP and the US cryptocurrency market.

Moreover, Terrett described the case as “in the process of wrapping up,” following the filing of appeals and cross-appeals related to the August 2024 court judgment of $125 million. This development follows the SEC’s dismissal of cases against other cryptocurrency companies, including Coinbase and Kraken, a trend observed since the Trump administration.

Ripple’s general counsel, Stuart Alderoty, attributes the case’s advanced progress to the existing court ruling and appeals and expresses hope for a settlement with the SEC.