The Ripple-SEC Case Is Finally Over After Many Years of Turmoil

Brad Garlinghouse has just confirmed it! The Ripple-SEC case is finally unraveling after many years of turmoil. The big winner?

The US crypto regulator has reportedly decided to drop its case against Ripple, marking the end of a four-year legal battle.

The Securities and Exchange Commission (SEC) is said to be discontinuing its lawsuit against Ripple Labs and CEO Brad Garlinghouse, according to a report by PointLog. The regulator had accused Ripple of selling unregistered XRP tokens to the public in a multi-billion dollar fundraising effort since 2013.

The case has been closely watched by the crypto industry, as a victory for the SEC could have far-reaching implications for the regulation of digital assets. The agency’s actions have already led to the development of several Bitcoin exchange-traded funds (ETFs), which are now pending approval by the SEC.

According to PointLog, major asset managers, including Cathie Wood’s ARK Invest, have also applied for an XRP ETF following the news of the case being dropped. The report claims that the asset managers filed Form 19b-4 to convert their existing Bitcoin ETF trust into an XRP ETF.

The news comes after rumors swirled about a potential settlement between Ripple and the SEC. Last week, a judge overseeing the case also expressed skepticism about the SEC’s arguments, suggesting that the agency’s actions might be delaying the approval of a spot Bitcoin ETF.

Following the report, XRP tokens surged in price by 12%, reaching $2.4. The token had previously dipped to $1.7 in February after the SEC won a ruling that XRP can be considered a security.

The decision to drop the case could also have implications for other crypto companies, which have been subject to restrictions from the SEC. The agency’s actions have led to several companies, including Binance and Coinbase, pulling out of operations in the US.