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Investing.com -- The U.S. Securities and Exchange Commission (SEC) has decided to drop its appeal against Ripple, the leading provider of digital asset infrastructure for financial services. This announcement was made in a post on X by Ripple CEO Brad Garlinghouse, who hailed the decision as a significant victory for the company and the wider cryptocurrency industry.
Ripple offers a platform that allows financial services to send cross-border payments in real time, engage with tokenization and digital assets, and meet regulatory compliance requirements. This decision by the SEC brings to an end a legal conflict that has spanned four years, starting in December 2020 when the SEC accused Ripple of a $1.3 billion unregistered securities offering.
The legal battle was seen by Garlinghouse as "the first major shot fired in the war on crypto." It resulted in an estimated $15 billion in losses for holders of Ripple’s digital currency, XRP. However, Ripple was able to secure victories on key legal points during the lawsuit, establishing that XRP is not a security, which is now recognized by the law.
Garlinghouse expressed optimism for the future of Ripple and the crypto industry following the end of the lawsuit. His statement read, "The future is bright. Let’s build." With the legal battle behind them, it appears that Ripple can now focus on its operations and the development of its digital asset infrastructure.
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