Gensler speaks after Sec withdraws Ripple Case Appeal

• The SEC’s dropped appeal marks a critical moment for Ripple and XRP, indicating a potential reclassification as a commodity under new leadership.

• XRP continues to gain momentum in both legal clarity and market performance. Place it as the main force of the evolving cryptospace.

A recent report shows that despite Ripple and the SEC returning to table reports in the CNF update, the Securities and Exchange Commission (SEC) officially retracted its appeal against Ripple Labs, effectively concluded the long-term legal battle that began in December 2020.

The SEC lawsuit accused them of spillover by implementing unregistered securities offered through the sale of XRP tokens.

However, a pivotal ruling in August 2024 held that XRP was not security when traded on public exchanges, but the court upheld penalties for system sales and ordered Ripple to pay $125 million.

Ripple CEO Brad Garlinghouse praised the result as a “overwhelming victory” for both the company and the broader crypto industry with its decision to remove the SEC’s recent appeal.

Regulatory shifts under new leadership

The decision shows a significant shift in the SEC’s approach to cryptocurrency regulation, consistent with changes in leadership following President Donald Trump’s reelection. Under the new administration, the SEC has adopted a more encryption-friendly stance and dismissed lawsuits against major crypto companies such as Coinbase and Kraken.

a Reuters The report suggests that new SEC leadership can classify XRP as a product, redefineing how digital assets are regulated in the US in a positive tone and was listed in the post.

Ripple’s Chief Legal Officer Stuart Aldeoty said, “Ripple is currently in the driver’s seat, so we appreciate the best way to pursue cross appeal. Regardless, today is a day to celebrate.

XRP market response

As if it’s shared AdviserMagazine.comthe market has responded proactively to the SEC decision, with XRP price rising above 10% to $2.47, solidifying its position as one of the best performing digital assets. The token has already won over 200% in the past few months, indicating strong investor optimism.

According to axiosthis legal victory and subsequent market response highlight the increasing acceptance and legitimacy of cryptocurrencies in the financial landscape.

Currently XRP is trading $2.08 USD, reflective 2.97% Drop and increase in past days 16.24% last week. See the XRP price chart below.