The CEO of Ripple, Brad Garlinghouse, announced on X that the SEC is dropping its appeal in the Ripple case. In 2023 a judge ruled that the sale of XRP to institutions was a sale of securities but tokens sold to retail investors via exchanges were not. The SEC appealed the latter point and it is this appeal that the SEC will drop.
“Ripple is the first company with the resources determination and grit to fight back against the agency’s over reach,” said Garlinghouse. “Today is a victory and a long overdue surrender by the SEC.” He went on to accuse the SEC of being a market manipulator claiming it cost XRP holders $15 billion.
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