SEC says it will drop its appeal against Ripple

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Ripple's lengthy legal battle with the U.S. Securities and Exchange Commission (SEC) has officially ended, according to CEO Brad Garlinghouse.Garlinghouse announced the SEC's decision to drop its appeal on X, describing it as a "resounding victory" for Ripple and the broader cryptocurrency industry.Speaking at the Digital Asset Summit in New York, Garlinghouse confirmed that the SEC is no longer pursuing the case. In a video shared on X, he called the ruling a significant milestone in crypto history and encouraged the U.S. to embrace a leadership role in the industry.He also expressed appreciation for the new SEC leadership and policymakers, noting their more constructive approach to crypto regulation. Additionally, he thanked Ripple employees, legal teams, partners, and the XRP community for their support throughout the legal fight.Following the announcement, XRP's value surged about 9% within the first hour, raising its market capitalization to $146 billion and making it the third-largest cryptocurrency. The news also sparked a broader rally across the crypto market, with several other tokens experiencing gains.The SEC initially sued Ripple in December 2020, accusing the company of conducting a $1.3 billion unregistered securities offering through XRP sales. After nearly four years of legal proceedings, the case has now concluded.Under former Chair Gary Gensler, the SEC intensified its actions against crypto firms but has since eased off under Acting Chair Mark Uyeda. Since January, the SEC has dropped multiple lawsuits against companies like Coinbase, ConsenSys, Kraken, and others, raising speculation about potential political influences.Ripple's legal battle stemmed from the SEC's claim that XRP functioned as an unregistered security. In August 2024, a federal court ruled partly in Ripple's favor, finding the company liable for $125 million but rejecting the SEC's assertion that XRP inherently qualifies as a security. Ripple's appeal did not challenge this part of the decision.