Ripple Labs CEO Brad Garlinghouse said in a video shared to his X account Wednesday that the SEC “will drop” its appeal in the lawsuit it's been pursuing against the firm for the past four years.
“I'm finally able to announce that this case has ended. It's over,” Garlinghouse said. “Today is a victory and [a] long overdue surrender from the SEC.”
But that doesn’t mean it’s really official just yet.
A Ripple spokesperson confirmed to Decrypt that the SEC’s decision is “subject to Commission vote and approval.” It may take “several weeks” for the case to be officially withdrawn, they said, adding: “That timeline is completely in the SEC's control.”
The SEC declined to comment when asked for details about the Ripple lawsuit by Decrypt. Meanwhile, XRP climbed as high as $2.57 on the news—that’s a 12% jump compared to yesterday and the highest it’s been in the past week.
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