The lengthy enforcement proceedings by the United States Securities and Exchange Commission against Ripple are nearing their conclusion, as stated by the company’s CEO.
“This is the moment we have anticipated. The SEC is set to withdraw its appeal—this marks a significant win for Ripple and the entire cryptocurrency sector,” Ripple CEO Brad Garlinghouse shared on social media on March 19.
“I’m thrilled to announce that the case has been resolved; it’s over,” Garlinghouse mentioned in the video accompanying his post.
The conclusion of this prolonged legal battle arrives four years after the US regulatory body filed a lawsuit against Ripple, focusing on an asserted $1.3 billion unregistered securities offering back in December 2020.
“We are closing a chapter in the history of cryptocurrency,” Garlinghouse remarked, adding that “it’s time for the United States to take the lead as the crypto capital of the world.”
Market data indicates that the cryptocurrency sector reacted positively to this development, with prices showing an upward trend.
This is an unfolding situation, and additional updates will be provided as they become available.