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Ripple has recently announced that the charges against the CEO, Brad Garlinghouse, and founder, Chris Larsen, by the SEC have been dropped. In the announcement, Ripple explained that the SEC voted to dismiss all of these allegations without any prejudice. The move has been described as a major win for the platform, which also managed to score a win against the regulator in July when Judge Torres declared that XRP sales do not fall under the investment contract.
The CEO of Ripple stated,
“For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda. Instead of looking for the criminals stealing customer funds on offshore exchanges that were courting political favor, the SEC went after the good guys.”
The SEC previously accused Ripple’s executives of fraudulently manipulating the sales of XRP. The masses described these charges as regulation by enforcement. Despite these charges being dropped, Ripple clarified that it would not stop its effort to seek increased regulatory clarity within the US. The previous year was greatly in favor of the SEC, but the situation has changed this year. The regulator’s first loss against Ripple set the stage for Grayscale Investments to score another victory in its effort to convert its BGTC product into a full-fledged spot Bitcoin ETF.
These victories have led many to believe that there might still be hope for other cryptocurrencies targeted by the regulator. These include Cardano (ADA), Binance Coin (BNB), Solana (SOL), and Polygon (MATIC). As of now, the victory of Grayscale and the failure of the SEC to appear have given the masses hope regarding the early approval of Bitcoin ETFs.
Ripple’s XRP Continues to Surge
The masses currently believe that XRP’s price is building up momentum for a major run following the backtrack of the SEC in its lawsuit against Ripple’s executives. At the time of writing, XRP has surged by an impressive 7.26% within the previous 24 hours. The surge has pushed the trading price up to almost $0.5185 and the token’s total market cap currently stands at the $27 billion mark.
Similarly, on-chain data reveals that the trading volume of the token has surged by a staggering 112.65% to almost $1.6 billion in the last 24 hours. Currently, there are no legal limitations on XRP in the US and there is no element whatsoever that might hinder its growth. The recent development has established the altcoin as the only digital asset in the US with the regulatory clarity of being a non-security asset.