Well, well, well! It seems the US Securities and Exchange Commission has finally decided to take a chill pill and drop its years-long lawsuit against Ripple Labs. Yes, you heard that right! Ripple CEO Brad Garlinghouse, at the oh-so-glamorous Blockworks’ 2025 Digital Asset Summit in New York, declared this a “victory for the industry.” 🎉
On March 19, Garlinghouse casually revealed that the SEC would be waving goodbye to its legal action against Ripple, effectively ending four years of courtroom drama over an alleged $1.3-billion unregistered securities offering in 2020. Talk about a plot twist! 📉
“It feels like a victory for the industry and the beginning of a new chapter,” Garlinghouse gushed, probably while sipping a fancy latte and basking in the glory of CryptoMoon’s presence at the Summit. ☕✨
Major reversal
And just when you thought the SEC couldn’t get any more dramatic, this dismissal is the latest — and arguably most significant — plot twist under the reign of US President Donald Trump. Who knew the SEC had a soft spot for crypto? 💔
Previously, they dropped charges against other crypto firms like Coinbase, Kraken, and Uniswap for similar alleged securities law violations. It’s like a crypto party, and everyone’s invited! 🎊
Under former President Joe Biden, the SEC was like a strict parent, bringing over 100 enforcement actions against crypto firms, claiming they were failing to register products that former SEC Chair Gary Gensler insisted were under their jurisdiction. Yikes! 😬
But Trump, bless his heart, has taken a friendlier stance toward the crypto world, promising to make America the “world’s crypto capital” and appointing industry-friendly leaders to key regulatory posts. Because who doesn’t want a crypto czar? 🥳
“The new chapter started with the reset at both the Congress and the executive branch […] when Trump came in and nominated Paul Atkins, Scott Bessent, [and] brought on David Sacks,” Garlinghouse said, probably while daydreaming about a crypto utopia. 🌈
Trump nominated Atkins and Bessent to head the SEC and Treasury Department, respectively. And let’s not forget Sacks, Trump’s artificial intelligence and “crypto czar.” Because why not throw in a czar for good measure? 👑
“I really deeply believed that we were going to be on the right side of the law and on the right side of history,” Garlinghouse mused about his company’s epic legal battle with US regulators, adding that the SEC was “just […] trying to bully” the crypto industry. Classic! 🙄
Now that the regulatory storm has calmed, Ripple is ready to spread its wings and fly! “Ripple has invested over $2 billion in investments and acquisitions across the crypto landscape, and some of those have nothing to do with XRP because if crypto does well, I fundamentally believe Ripple will do well,” he said, probably while plotting world domination. 🌍💰
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2025-03-19 20:39