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The action against Ripple Labs by the U.S. Securities and Exchange Commission (SEC) has been formally abandoned. Brad Garlinghouse, the CEO of Ripple, shared a video update on social media site X to herald the development.
The lawsuit, initiated in December 2020, accused Ripple of conducting unregistered securities sales through XRP. Reflecting on the four-year dispute, Garlinghouse stated, “I’m finally able to announce this case has ended – it’s over.” He emphasized that the case symbolized the SEC’s aggressive stance against the cryptocurrency sector.
“In so many ways, it was the first major shot in the war on crypto,” he added, noting Ripple’s determination to challenge what he viewed as regulatory overreach.
Garlinghouse further remarked that Ripple had the “resources, determination, and grit” to defend itself, leading to what he called the SEC’s “long overdue surrender.” He framed the conclusion as a victory not only for Ripple but also for the broader cryptocurrency industry.
Throughout the legal battle, Garlinghouse accused the SEC of damaging investors under the pretext of protection. He claimed the agency’s decisions negatively impacted XRP holders, leading to billions in losses.
“A regulatory whose primary purpose is to protect investors went all-in on a non-fraud, victimless lawsuit and wiped out $15 billion of value from innocent XRP holders. The SEC was the market manipulator,” Garlinghouse said.
The Ripple CEO also criticized other government bodies, accusing them of working alongside the SEC to block access to banking services for crypto companies.