SEC and Ripple File to Dismiss Appeals, Ending Five-Year Legal Dispute
With the SEC and Ripple closing their legal dispute, community support surges as XRP Army members celebrate a ruling they believe confirms XRP’s rightful legacy.
XRP
Summary
The SEC and Ripple officially ended their prolonged legal battle by mutually withdrawing their appeals, resolving a 2020 dispute over a $1.3 billion unregistered securities offering. Ripple CEO Brad Garlinghouse's assertion of being on the 'right side of history' resonated with supporters, despite XRP's price plunging after the ruling.
Terms & Concepts
- SEC: The U.S. Securities and Exchange Commission, which regulates the securities market and enforces federal securities laws.
- Ripple: A blockchain-based payments company that faced a high-profile legal dispute regarding its XRP token.
- XRP Army: An informal group of XRP supporters who mobilized during Ripple's legal challenges, championing the token's legitimacy.