The U.S. Securities and Exchange Commission (SEC) has officially withdrawn the lawsuit against Ripple, marking the end of a prolonged legal battle. Ripple CEO Brad Garlinghouse confirmed this information and stated that the lawsuit has been completely closed, driving a strong increase in the price of XRP.

Garlinghouse declared that this is a landmark case, initiating the legal battle between the SEC and the cryptocurrency industry. He emphasized that Ripple has achieved an important victory, proving that XRP is not a security, a clear legal decision.

This lawsuit has caused approximately $15 billion in damages to XRP investors. According to Garlinghouse, former SEC Chair Mary Jo White had also previously stated that the SEC had made a serious mistake in pursuing the lawsuit. He criticized the SEC leadership under Chair Gary Gensler for expanding the war against the entire cryptocurrency industry with similar arguments as in the Ripple case.

During the trial, the SEC was criticized by the court and even punished for abusing the litigation process. The judge had condemned the agency for failing to strictly comply with the law. Garlinghouse affirmed that Ripple did not want to participate in this lawsuit but was forced to defend itself, and ultimately achieved a resounding victory.

He expressed gratitude to the legal team led by General Counsel Stu Alderoty, Ripple employees, and the XRP community who stood by them throughout the legal battle. Garlinghouse also emphasized that with the change in leadership in the executive and legislative branches, the U.S. needs to quickly establish a clear legal framework for cryptocurrencies, aiming to become the world's leading financial center for blockchain and digital assets.