Ripple CEO Brad Garlinghouse took to Twitter to announce that the U.S. Securities and Exchange Commission (SEC) would be dropping its appeal against Ripple, marking a significant victory for the company and the broader cryptocurrency industry.
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In a video message, Garlinghouse expressed his belief that the SEC, under Chair Gary Gensler, was not focused on protecting investors, but rather pursuing a crusade against the crypto sector. He accused the regulatory body of prioritizing a win at any cost over the pursuit of justice.
Garlinghouse highlighted that Ripple’s legal team had successfully won on every critical legal point, most notably proving that XRP is not a security, which has been a central issue in the ongoing legal battle.
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This legal triumph, according to Garlinghouse, signifies the end of the “war on crypto” and serves as a rallying call for other industry leaders to stand firm and fight back against overreaching regulations.
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In his message, Garlinghouse also emphasized gratitude, thanking those who supported Ripple throughout the case, including the company’s legal team, led by Stuart Alderoty, whom he praised as the best legal officer.
He also expressed appreciation for Ripple’s customers and supporters, underscoring the importance of unity in the face of adversity. Garlinghouse concluded by advocating for the United States to embrace the opportunity to become the global hub for cryptocurrency innovation.
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