XRP Jumps as Ripple CEO Brad Garlinghouse Says SEC ‘Case Has Ended’

Brad Grad Garlinghouse, CEO of Ripple Labs, said in a video that was shared on his X account on Wednesday that the SEC will drop his profession in the court case that has pursued the company for the past four years.

“I am finally able to announce that this case has ended. It is over,” said Garlinghouse on X, previously known as Twitter. “Today is a victory and [a] Long -term surrender of the sec. ‘

Ripple, which uses XRP whides and the XRP -Cryptocurrency, received a partial ruling in 2023, but the SEC filed a profession to have that decision destroyed.

A federal judge in New York discovered that Ripple’s “programmatic sale” of XRP on a secondary market was not effects transactions, while they did institutional investors.

To be clear, the SEC has not yet announced that it will drop his profession. At the time of writing, the XRP price has risen as high as 14% to $ 2.55, according to Coingecko data.

A spokesperson for Ripple confirmed Decrypt that the decision of the SEC is “subject to the voice and approval of the committee”. It can take “a few weeks” before the case is officially withdrawn, they said, adding: “That timeline is completely under the control of the sec.”

The sec refused to comment when he was asked for more information about the Ripple right case by Decrypt.

A federal court in New York ordered Ripple to pay a fine of $ 125 million for XRP sales to institutions in August. The fine was far under the request of $ 2 billion from the agency and it is unclear how the SEC drops his profession, the decision in the southern district of New York could influence.

The legal about the face of the SEC was generally expected.

Since sec -capital chairman Mark Uyeda took over, the regulator has withdrawn from various enforcement actions, including the cases against the Crypto exchanges Coinbase and Kraken.

If the SEC had been successful in his wrinkle store, it could have had a broad impact on which cryptocurrencies should be classified as effects versus raw materials.

Ripple Labs Chief Legal Officer Stuart Aleroty told Decrypt In October, before the re -election of President Donald Trump, that the profession of the SEC will ‘be counterproductive’.

Although he believed that the second Circuit Court of Appeals would grant a favorable decision for the company, he also noted that the SEC “can withdraw their profession when they want.”

Note of the editors: This story has been updated to include a response from a spokesperson for Ripple Labs.

Published by Stacy Elliott.