SEC closes legal case against Ripple, celebrating a major win for the crypto industry. XRP price surges by 7%.
After five years of legal battle, the United States Securities and Exchange Commission (SEC) officially dropped its lawsuit against Ripple. Brad Garlinghouse, Ripple’s CEO, announced the news calling it a major win for Ripple and the digital currency industry. The case started in 2020 regarding the status of XRP as a security. Garlinghouse tweeted: ‘This is the moment we’ve been waiting for. The U.S. SEC has abandoned the pursuit of this case. This is a clear victory for Ripple and the entire crypto industry. The future is bright, let’s build!’ Following this announcement, the price of XRP surged by 7 percent.
