Ripple CEO Announces 'Victory' As SEC Drops Appeal In XRP Lawsuit

Ripple CEO Brad Garlinghouse confirmed that the U.S. Securities and Exchange Commission will not pursue further appeals in its long-running case against the company, marking the end of a four-year legal battle.

What Happened: "The case is over," Garlinghouse announced, describing the outcome as a "victory" and labeling the SEC's lawsuit as a failed attempt to stifle the crypto industry.

"Ripple is the first company with the resources, determination, and grit to fight back against the agency’s overreach," he said.

Garlinghouse accused the SEC of engaging in what he called a "war of legal terror," arguing that the agency's lawsuit caused $15 billion in losses to XRP (CRYPTO: XRP) investors.

"The SEC wasn't seeking justice—they were seeking to win a case at any cost," he added.

Also Read: Recession Would Be ‘A Big Catalyst For Bitcoin,’ BlackRock’s Head Of Digital Assets Says

Why It Matters: A key element of the case was a judge's earlier ruling that XRP is not a security, a decision Garlinghouse highlighted as laying "the groundwork for policymakers to adopt a set of rules for crypto" in line with long-standing securities laws.

The Ripple CEO also linked the case's conclusion to broader momentum in the crypto space, stating, "With today's news, the war on crypto has ended in defeat for those who turned our own government against an entire industry."

Garlinghouse's remarks come amid reports that the SEC has been weighing whether to recognize XRP as a commodity as part of its settlement talks with Ripple.

This reevaluation is said to stem from XRP's market function and parallels to Ethereum, which the SEC has already classified as a commodity.

The case, which Garlinghouse described as the "opening salvo in the war on crypto," led to around $15 billion in XRP investor losses. He noted Ripple's legal success, stressing that "XRP has been definitively ruled not to be a security."

Read Next:

• Cathie Wood Hops On Tokenization Hype Train, Says ‘We’d Love To Tokenize Our Venture Fund’

Image: Shutterstock