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Ripple Labs scored a huge win recently after its long legal battle with the Securities and Exchange Commission (SEC) came to an end. Perhaps basking in the landmark win, Stuart Alderoty, Ripple’s Chief Legal Officer, says the company will continue to push for fair regulations.
Victory over SEC Sparks Renewed Push for Fair Rules
In an interview with CNBC, Alderoty maintained that Ripple will lead the quest for “clear and fair crypto regulation.” This stance comes after Ripple announced that the U.S. regulatory body has decided not to pursue its controversial appeal against it.
The SEC did not only drop its case with Ripple; other crucial cases were also tossed off. Some of those cases included the SEC’s case against American crypto exchange Coinbase, Kraken, and OpenSea. The development comes amid the shift in aggressive crypto enforcement the SEC has been known for under its former Chair, Gary Gensler.
Interestingly, despite the SEC dropping its lawsuit, Ripple has remained silent about the cross-appeal it filed. The company has not made its stance known as to whether it would continue with the case or withdraw it.
In a recent interview, Brad Garlinghouse, Ripple CEO, stated that it has not yet reached a decision yet.
Ripple’s Legal Battle and Its Market Impact
Ripple’s victory over the SEC is a testament to the firm’s resilience. According to Alderoty, “Ripple stands alone as the company that fought back and won on essential legal questions.”
Notably, the SEC filed a suit against the company four years ago, accusing it of raising over one billion dollars from XRP sales. The regulatory body argued that Ripple failed to register XRP as a security.
XRP, launched in 2012, is one of the first altcoins in the cryptocurrency space. It became the native currency of Ripple Labs.
Future of Crypto Regulation Post-Ripple Case
The asset has remained resilient throughout the legal drama and witnessed an 11% increase after the news of the legal battle hit the market. As of this writing, XRP is changing hands at $2.41, a 1.72% increase in the last 24 hours, according to CoinMarketCap data.
With the legal hurdle over, many analysts anticipate XRP’s value to soar. Interestingly, Ripple’s executives predict that crypto assets could record explosive growth this year.
