In a turn of events that could only be described as more surprising than a cat in a top hat, the US Securities and Exchange Commission (SEC) has decided to drop its lawsuit against Ripple. Yes, you heard that right! The firm’s CEO, Brad Garlinghouse, has just revealed that the five-year-long legal saga, which began in the distant past of 2020 (when we all thought wearing pants was optional), has finally come to a close, sending the XRP price soaring like a particularly ambitious balloon.
US SEC Officially Drops Ripple Lawsuit
In a post that could only be described as a digital fanfare, Ripple CEO Brad Garlinghouse announced that the SEC has decided to drop the lawsuit. This decision is still subject to the Commission’s vote, which is a bit like waiting for a cat to decide whether it wants to sit on your lap or not. In his own words, Garlinghouse proclaimed,
This is it. The moment we have been waiting for. The SEC will drop its appeal, a resounding victory for Ripple, for crypto, every way you look at it. The future is bright, let’s build.
Garlinghouse, in a moment of reflection that could rival a philosopher pondering the meaning of life, stated that the Ripple lawsuit was clearly “doomed” from the start. He likened it to the first major shot fired in a war where the opposing side forgot to bring their weapons. His company, he claimed, was the first to stand up to the SEC’s overreach, which is a bit like being the first person to jump into a pool filled with jelly.
He also had some choice words for Gary Gensler’s SEC, suggesting that they weren’t exactly the knights in shining armor protecting investors, but rather a bunch of overzealous schoolyard bullies looking to “intimidate and terrorize.” Although Gensler didn’t start the lawsuit, his administration pursued it with the enthusiasm of a dog chasing its own tail.
The SEC had argued that XRP was a security, claiming Ripple had violated securities laws by selling it as an unregistered security to institutional investors. However, in a plot twist worthy of a soap opera, Judge Analisa Torres ruled in 2023 that XRP wasn’t a security at all. Cue the dramatic music!
With the lawsuit now a thing of the past, expert All Things XRP has predicted that Ripple might just announce an IPO and expand its banking partnerships. Because why not throw a party when the legal storm has passed?
Looking Forward To Crypto Policies
Garlinghouse, ever the optimist, remarked that the rulings in the Ripple lawsuit have laid the groundwork for policymakers to create rules for the crypto industry that align with existing securities laws. It’s like building a house on a solid foundation instead of a pile of marshmallows.
He asserted that today’s news means the war on crypto has ended in defeat for the SEC. He expressed his joy that they have paved the way for other industry players to see the value in not backing down, and for others to use their legal playbook to fight back. It’s like giving everyone a map to the treasure, but with fewer pirates.
Looking ahead, Garlinghouse declared that it’s time to make the US the crypto capital of the world. He noted that, thankfully, there’s new leadership in both the executive and legislative branches that is seeking a “rationale and constructive” way forward on crypto. Because who doesn’t want a little rationality in a world filled with chaos?
As CoinGape reported, Bo Hines, the Executive Director of the Presidential Working Group on Digital Assets, has predicted that the US Congress could pass stablecoin legislation in the next two months. This could pave the way for US President Donald Trump to give it a thumbs up, which is a bit like waiting for a cat to decide it likes you.
Garlinghouse also mentioned that it’s time to leave the tribalism behind and for the whole crypto industry to work together. Lastly, he thanked everyone who played an integral role in the Ripple lawsuit, including employees, the legal team led by Chief Legal Officer Stuart Alderoty, the XRP community, and partners and customers. Because in the end, it takes a village—or at least a very enthusiastic group of people—to win a legal battle!
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2025-03-20 00:43