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Ripple CEO Brad Garlinghouse recently announced a major legal victory, confirming that the U.S. Securities and Exchange Commission (SEC) has dropped its appeal against the company. In a four-minute video, Garlinghouse emphasized that this decision marks the end of a four-year legal battle, providing relief to Ripple and the broader crypto community.
SEC Ends Legal Pursuit Against Ripple
The SEC had initially filed an appeal in January after multiple court rulings favored Ripple. Despite the resignation of former SEC Chairman Gary Gensler, the regulatory body continued its pursuit of the case, frustrating many in the cryptocurrency industry. However, the SEC has now decided to withdraw its appeal, signaling the conclusion of its case against Ripple.
The SEC had argued that Ripple’s sales of XRP constituted securities violations. However, a judge ruled in favor of Ripple, determining that XRP is not a security. While this is a major win for the company, the crypto community is still awaiting official confirmation from the SEC regarding the case’s closure.
XRP Price Outlook: Could $2 Be Next?
With Ripple’s legal troubles seemingly behind it, investors are now speculating about XRP’s price trajectory. Some analysts predict that XRP could revisit the $2 mark before a potential “final blastoff.” Given the positive sentiment surrounding Ripple, market participants are keeping a close eye on upcoming developments.
April 3: A Critical Date for Crypto Regulation
The SEC is expected to officially vote on whether to drop its appeal regarding XRP’s classification as a security on April 3. This decision could set a precedent for future crypto regulations. Additionally, on April 9, a U.S. House hearing on cryptocurrency regulations is expected to bring further clarity to the sector.
Meanwhile, in a separate development, the SEC and Gemini have agreed to a 60-day pause in their ongoing lawsuit to explore a potential resolution. The SEC had sued Gemini in January 2023, alleging that its Earn product involved the sale of unregistered securities.
Also Read: Ripple USD (RLUSD) Sees $100M Surge, Poised to Challenge Major Stablecoins
As the regulatory landscape evolves, Ripple’s victory against the SEC could have long-lasting implications for the entire cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
