The CEO of Ripple, Brad Garlinghouse, announced on X that the SEC is dropping its appeal in the Ripple case. In 2023 a judge ruled that the sale of XRP to institutions was a sale of securities but tokens sold to retail investors via exchanges were not. The SEC appealed the latter point and it is this appeal that the SEC will drop.
“Ripple is the first company with the resources determination and grit to fight back against the agency’s over reach,” said Garlinghouse. “Today is a victory and a long overdue surrender by the SEC.” He went on to accuse the SEC of being a market manipulator claiming it cost XRP holders $15 billion.
He said that it had won on every critical legal point “proving that the digital asset XRP is not a security.”
However, the judge already ruled on the institutional sales and it may not be that simple to vacate that ruling. It remains to be seen.
“I truly believe there’s an immense opportunity with the largest economy finally taking a pro crypto and a pro innovation approach,” Garlinghouse concluded.
