Ripple CEO Brad Garlinghouse recently released a four-minute video announcing Ripple has won a long-standing legal battle against the SEC. The regulatory body marked the end of a legal dispute of more than four years and decided to withdraw its appeal. This decision means Ripple is no longer facing SEC challenges, giving the company and its supporters a sense of relief.
The appeal was filed in January following a series of cases the judge ruled in Ripple’s favour. Despite the resignation of SEC Chairman Gary Gensler in January, the agency continued to appeal.
The SEC had alleged that the sale of XRP Ripple constituted a securities violation, but the judge ruled that it was not and said that XRP was not security. But the entire community is eagerly awaiting confirmation from the SEC. The SEC recently confirmed that it has dropped the lawsuit against Kraken and Cumberland, but Ripple’s case has not yet been officially confirmed.
Why is April 3rd important?
Future events could boost the market, according to Coindesk. On April 3, the Securities and Exchange Commission will vote on whether to withdraw the appeal that XRP is security. Then, on April 9, the US House of Representatives crypto hearing could help clarify the regulation of digital assets.
Recently, the SEC and Gemini have requested a 60-day hiatus in the lawsuit to explore potential resolutions. The SEC sued Gemini in January 2023, claiming that the company provided unregistered securities through its acquired products.
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