XRP jumps while Ripple Garinghouse “SEC” says Case has ended “

The CEO of Ripple Labs Brad Garlinghyus said in a joint video on his account at X on Wednesday that the Supreme Education Council will appeal in the lawsuit that it was following against the company over the past four years.

“I finally managed to announce the end of this situation. It has ended,” said Garlinghyus on X, previously known as Twitter. “Today is victory and [a] He surrendered long ago from the Supreme Education Council. “

Ripple, which uses the Ledger XRP and XRP Cryptocurrency, got a partial ruling in her favor in 2023, but SEC submitted an appeal that seeks to reduce this decision.

A federal judge in New York Find Ripple’s “software sales” for XRP in the secondary market did not constitute securities transactions, while those that were provided to institutional investors did.

In order to be clear, SEC has not yet announced that it will fall out of its appeal. At the time of writing this report, XRP price It increased to 14 % to $ 2.55, according to Coingecko data.

A spokesman for Ripple confirmed Decipher The decision of the Securities and Stock Exchange “is subject to the committee’s vote and approval.” They said that it might take “several weeks” until the case is officially withdrawn, adding: “This timeline is completely in SEC’s control.

The Supreme Education Council refused to comment when I was asked about details about a rippal suit before Decipher.

New York Federal Court I command Ripple to pay a fine of $ 125 million for XRP sales in August. The penalty was much lower than the agency’s request of $ 2 billion, and it is not clear how SEC, whose appeal against the decision in the southern region of New York could affect.

SEC Legal Organization was widely expected.

Since Mark Awaida, the SEC president, has retreated from the organizer of many enforcement measures, including her cases against encryption exchange Coinbase and Corner.

If the Securities and Stock Exchange succeeds if they are rippled, it may have a widespread impact on encrypted currencies as securities for goods.

Stewart Aldouti, the chief legal official of Ripple Lab Labs, told Decipher In October, before the re -election of President Donald Trump, the resumption of the Supreme Education Council “will come back.”

While it was believed that the Court of Appeal in the second circle would give a positive decision to the company, he also indicated that “could” withdraw the appeal at any time they want. “

Editor Note: This story has been updated to include a comment from a Ripple Labs spokesman.

Edit Stacy Elliot.