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The crypto industry has been bullish today, as evident by the performance of the market. Several factors have contributed to the gains in the major crypto prices. Meanwhile, the XRP crypto caught the investors’ eyes on Friday, as it surged over 7% in the early trading session, following Ripple’s latest victory against SEC.
In a remarkable turn of events, the United States Securities and Exchange Commission (SEC) has withdrawn the charges it had filed against Ripple Labs Inc.’s CEO, Brad Garlinghouse, and co-founder Chris Larsen. Meanwhile, this latest development marks the third consecutive legal victory for Ripple and could set a powerful precedent for the crypto industry.
Notably, Ripple has been relentless in its quest for regulatory clarity, even after clearing the charges.
Latest Update On Ripple vs. SEC Case
The SEC’s decision to dismiss the charges against Garlinghouse and Larsen without prejudice has sent shockwaves through the cryptocurrency community. Earlier this year, Judge Analisa Torres ruled that the sales of XRP on secondary markets did not constitute an investment contract, giving Ripple a crucial win.
Notably, the SEC’s case had accused Ripple’s executives of orchestrating the sale of XRP as an investment contract, making this legal victory a significant milestone for the company.
Meanwhile, despite these successes, Ripple remains committed to its mission to establish more regulatory clarity within the United States. The crypto industry has been battling with uncertain regulatory frameworks, and Ripple’s efforts are seen as a step towards resolving these issues.
Also Read: SEC Wins Default Ruling Against Thor Technologies for $2.6M Fraud
Response From The Executives
The company’s co-founder and Executive Chairman, Chris Larsen, spoke out in the wake of the announcement. He stressed the need to hold the SEC accountable for its actions over the past three years, raising concerns about conflicts of interest and the impact on innovation and job migration.
In addition, Stuart Alderoty, Ripple’s Chief Legal Officer, celebrated the consecutive victories and characterized the SEC’s decision as a “surrender”. He highlighted the pivotal July 13 ruling that established XRP’s non-security status.
On the other hand, Ripple CEO Brad Garlinghouse also expressed his satisfaction, noting that he and Chris had been unfairly targeted by the SEC. He criticized the SEC’s failure to protect U.S. consumers and businesses and questioned the financial resources spent on their legal battle. Notably, Garlinghouse also lauded the development as a “better day”, while saying Ripple has scored a hat-trick against SEC.
The recent victories by Ripple have set a strong precedent in the cryptocurrency space, potentially bolstering gains in other digital assets like Cardano, Solana, Binance Coin, and Polygon, which are also under SEC scrutiny. Additionally, these wins have fueled hopes for the approval of a Bitcoin spot Exchange Traded Fund (ETF) in the near future.
The cryptocurrency industry is closely watching these developments, and the SEC’s recent decisions are sparking discussions about the need for clear regulations in the crypto space.
Following the announcement, the XRP price surged 8.05% to $0.5184 over the last 24 hours, marking its highest percentage gains since mid-July. The one-day volume of the crypto rocketed 123.82% to $1.74 billion at the same time.
Also Read: Chamber Of Digital Commerce And Binance Prepare For Win Against US SEC
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