SEC Officially Drops Ripple Appeal Amid Ongoing Crypto Push
A major milestone that many had expected this year has been reached: the US Securities and Exchange Commission (SEC) has officially abandoned its case against Ripple (XRP). In fact, the company’s CEO, Brad Garlinghouse, declared on X (now Twitter) that the agency will formally withdraw its appeal.
“A resounding victory for Ripple, for crypto, every way you look at it,” Garlinghouse declared about the event. Additionally, the action was one of several such actions taken this year by the reconfigured agency. With the coming of 2025, the Trump administration has adopted a recently revised cryptocurrency policy.
The Impact of the Ripple Case on XRP
Donald Trump was elected to retake the presidency of the United States in late 2024. That choice was always going to have far-reaching effects on the digital asset market. Those started to take effect with the SEC in late February and early March of this year. In addition to creating its own crypto task force, the agency settled numerous cases against Coinbase and Kraken.
This change in policy has now spread to one of the most well-known legal battles the agency has been involved in in recent years. The SEC did, in fact, formally withdraw its appeal in the continuing action against Ripple (XRP) on Wednesday. In addition to being a significant victory for the business, the development is a significant turning point for the cryptocurrency sector.
Four years ago, when the SEC was commanded by Gary Gensler, the complaint was first filed. After the appeal was denied, Ripple CEO Brad Garlinghouse said in a statement that the litigation was “doomed from the start.”
“It was the first big shot fired in the war on crypto in many ways,” Garlinghouse continued. “I genuinely believed that at that moment, I knew that Ripple was not only following the law, but that we would also be shown to be right on the side of history.“
In the end, the historic ruling has validated Garlinghouse and the business. The cryptocurrency XRP has already benefited from the news. According to CoinMarketCap, the token has increased by almost 14% in the past day.
