- The SEC has dropped its appeal against Ripple, but the absence of an official statement raises questions about the lawsuit’s finality.
- Despite the SEC’s move, Ripple’s pending cross-appeal means the legal battle might not be completely over, adding complexity for investors.
- While XRP’s price has risen, the SEC’s silence and Ripple’s cross-appeal suggest continued vigilance for investors
The SEC has dropped its appeal against Ripple, seemingly concluding a four-year legal battle. However, the lack of an official statement from the SEC and Ripple’s pending cross-appeal are raising questions about whether this landmark case has truly reached its end.
This development has significant implications for Ripple (XRP), prompting both celebration and cautious analysis among investors. Ripple’s CEO, Brad Garlinghouse, even hailed the SEC’s decision as a “big win” for Ripple and the crypto world.
Garlinghouse shared in a video that this legal journey has been challenging, yet Ripple maintained its conviction in its position throughout. The SEC’s initial lawsuit, alleging XRP was an unregistered security, has been a point of concern for XRP holders and the crypto community for an extended period.
Ripple had reportedly spent over $150 million defending itself. Garlinghouse also pointed out that the SEC under Gary Gensler had been using lawsuits to intimidate and target crypto companies, but that’s now over.
Related: Ripple CEO: XRP ETF and Strategic Reserve Listing “Closer Than Ever”
The SEC’s Unusual Silence
The SEC’s unusual silence on dropping the appeal is drawing attention. Fox Business’ Eleanor Terrett clarified the situation, pointing out that the SEC needs internal approval before a public statement, which will likely be after their next meeting Thursday, with a press release expected.
The SEC typically discusses litigation matters during their closed-door meetings, so it’s likely that the Ripple case will be addressed at their next meeting, which is scheduled for Thursday.
The Unresolved: Ripple’s Cross-Appeal
“The S.E.C. filed an appeal about eight months ago, and what they’ve now agreed is that they’re going to drop that appeal. We still have a cross appeal pending, and so we go from being defendant really to plaintiff. So we now are in the driver’s seat to determine how we want to proceed.”
Related: XRP’s Counter-Narrative: Challenging Bitcoin’s Institutional Dominance Towards $200K
In an interview with Bloomberg, Garlinghouse explained that about eight months ago, the SEC filed an appeal and now they’ve agreed to drop it. However, there is still a cross-appeal pending, which means Ripple is shifting from being the defendant to the plaintiff.
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