Ripple's CEO: The U.S. Securities and Exchange Commission Ends Its Lawsuit Against Ripple
The U.S. Securities and Exchange Commission has ended its lawsuit against Ripple after more than four years of legal dispute, resulting in estimated losses of $15 billion for XRP holders, according to CEO Brad Garlinghouse in a statement on platform X today, March 19.
Garlinghouse expressed his relief at the conclusion of the case, affirming that the lawsuit was doomed to fail from the start.
The announcement came after reports indicated that the SEC discussed classifying XRP as a commodity as part of a potential settlement, pointing to its operational characteristics and comparing it to Ethereum, which is treated as a commodity.
Despite the significant losses incurred by Ripple holders, Garlinghouse noted that Ripple achieved crucial legal victories proving that XRP is not a security, emphasizing that this classification is now part of the law.
Mary Jo White, the former chair of the SEC, criticized the decision to file the lawsuit, considering it a grave mistake.
The SEC, led by Gary Gensler, has also faced legal criticism for disclosure violations and failing to comply sincerely with the law.
Garlinghouse concluded his remarks by praising Ripple's legal team and the XRP community, affirming that the company did not wish for this battle,
