Summary
- The United States Securities and Exchange Commission (SEC) withdrew its appeal against Ripple, leading to a 13% surge in XRP.
- Brad Garlinghouse, Ripple's CEO, stated that the SEC's withdrawal signifies an important victory for the virtual asset industry.
- Ripple's Chief Legal Officer emphasized that this case will set an important precedent for the virtual asset industry in the United States.
The United States Securities and Exchange Commission (SEC) has reportedly withdrawn its appeal against Ripple Labs (hereafter Ripple). Ripple, the issuer of XRP, has been in a long-standing lawsuit with the US SEC.
On the 19th (local time), Brad Garlinghouse, Ripple's Chief Executive Officer (CEO), stated on X, "This is the moment we've been waiting for," adding, "The US SEC will withdraw its appeal, which signifies an overwhelming victory for Ripple and the virtual asset (cryptocurrency) industry."
Stuart Alderoty, Ripple's Chief Legal Officer (CLO), remarked, "This withdrawal of the SEC's appeal will set an important precedent for the virtual asset industry in the United States," adding, "With the SEC withdrawing its appeal, Ripple has gained the upper hand, and we will now review the best means to pursue a cross-appeal." He further added, "Today is a day to celebrate our victory."
Following the news, XRP surged. As of 10:19 PM, XRP, which soared after the announcement of the lawsuit withdrawal, is trading at $2.5458, up 13.10% compared to 24 hours ago on the Binance USDT market.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
