‘The SEC was the market manipulator’: SEC drops case against XRP, CEO claims

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Ripple CEO Brad Garlinghouse announced that the U.S. SEC is dropping its appeal in the long-running legal battle over XRP.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The case, which began in December 2020, accused Ripple of selling XRP as an unregistered security. Ripple had previously won a partial victory when a U.S. judge ruled that XRP was not a security in secondary market sales. While the SEC initially signaled its intention to appeal, it has now decided to drop the case entirely, Garlinghouse said in a statement on X. He described the case as “doomed from the start” and framed it as part of a broader government effort to “pick winners” in the crypto space.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

While the SEC has not officially confirmed its withdrawal, XRP spiked on the news. The case has been closely watched as a key legal battle for the crypto industry. Ripple’s victory could influence how regulators approach digital assets in the future.