The long-running legal dispute between Ripple and the SEC has concluded after both parties filed a joint motion to dismiss their appeals on August 7. This action officially ends the high-profile lawsuit, which had been a focal point for the cryptocurrency industry.
The central issue of the case, whether Ripple's sales of XRP constituted the sale of an unregistered security, has now been resolved. The dismissal of the appeals legally validates that Ripple's programmatic sales and other non-institutional distributions of XRP up to 2020 were lawful. Most importantly, the ruling confirms that XRP itself is not a security. This outcome removes years of regulatory uncertainty that had been a major hurdle for the cryptocurrency and its community.
With the lawsuit behind it, Ripple can now shift its full attention to business growth and global expansion. This legal clarity also opens the door for potential XRP exchange-traded funds (ETFs) in the U.S., an idea that has been gaining traction.
Ripple's leadership sees the end of the lawsuit as a fresh start, aiming to bolster its position in international payments and digital asset adoption. The resolution comes amid improving market sentiment for altcoins, and analysts believe the removal of regulatory uncertainty could drive renewed investor interest in XRP. Following the news, XRP's price has already seen a significant increase of over 10%.
August 2024, Cryptoniteuae