XRP surges after Ripple CEO Brad Garlinghouse says SEC is dropping its lawsuit against the company

XRP surged after Ripple CEO Brad Garlinghouse said the Securities and Exchange Commission is no longer pursuing its appeal in the case against the payments company. The price of XRP was last higher by nearly 14% at $2.57. "It's been almost four years and about three months since the SEC originally sued us, certainly a painful journey in lots of ways," Garlinghouse said at the Digital Assets Summit in New York Wednesday morning. "I really deeply believed that we were going to be on the right side of the law and on the right side of history." "The system just feels broken. That we had to fight this fight for the industry and you had an SEC attacking the industry, particularly the Ripple case," he continued. "There were no victims, there was no investor loss. They were just not acting in good faith." In 2020, the SEC sued Ripple for breaching U.S. securities laws by selling XRP without first registering it with the agency. The company scored a partial victory in 2023 when SEC. U.S. Di ... Read full article.