Brad Garlinghouse (CEO of Ripple) has confirmed that the U.S. Securities and Exchange Commission is dropping their lawsuit against Ripple.
It’s a brand new world video update Brad Garlinghouse, on social media platform X says the agency has dropped its appeal against the company, originally filed by the agency in December 2020, for allegedly selling securities that were not registered.
“I’m finally able to announce this case has ended – it’s over. It seems clear that the case, as I reflect back on it four years later, was doomed to fail from day one. This case was the opening salvo in the battle against cryptography.
I truly felt like I knew then that not only was Ripple on the right side of the law, but I felt that we were also going to be proven to be on the right side of history…
Ripple was the first firm with the determination and resources to stand up against SEC’s abuses. Today, this long journey has finally ended. Today is a victory – a long overdue surrender by the SEC.”
Garlinghouse claims that the SEC used the pretext of protecting investors to stifle the digital asset industry. He says that the SEC was also helped by other agencies in stifling the industry.
“A regulatory whose primary purpose is to protect investors went all-in on a non-fraud, victimless lawsuit and wiped out $15 billion of value from innocent XRP holders. The SEC was the market manipulator.”
Judges will still be around in 2023 ruled Ripple’s open-market, automated sales of XRP do not count as securities, despite the SEC’s claims.
XRP Garlinghouse has announced that it will be raising its dividends by 13%. The current price is $2.53.
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