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# Ripples Chief Executive Officer Blames SEC for Deceiving the Marketplace as Legal Action Concludes
Ripple’s Chief Executive Officer, Brad Garlinghouse, has revealed that the U.S. Securities and Exchange Commission (SEC) has abandoned its plea in the protracted legal dispute over XRP.
The matter, which commenced in December 2020, charged Ripple with trading XRP as an unregistered investment.
Garlinghouse declared on X that the legal action was an unsuccessful endeavor by the SEC to govern the crypto sector via coercion.
He contended that the case was “destined to fail from the beginning” and constituted a wider governmental undertaking to “select victors” in the virtual currency domain.
He further remarked that Ripple’s judicial struggle has established a standard, establishing the foundation for more explicit regulatory directives.
In the past, an American judge decreed that XRP transactions on additional marketplaces were not investments, awarding Ripple a partial triumph. Nevertheless, the tribunal also determined that sales to corporate financiers did contravene securities statutes.
Garlinghouse highlighted that while the SEC initially signaled intentions to appeal, it has now resolved to dismiss the case altogether.
The SEC has not yet formally verified this report.
## SEC Impaired Stakeholder Benefits
Garlinghouse denounced the SEC’s conduct under Chairman Gary Gensler, asserting that the regulator damaged stakeholders rather than safeguarding them. Bitnomial Introduces XRP Futures After Ripple Ruling, Ends SEC Legal Dispute
He underscored that the marketplace forfeited $15 billion in worth when the SEC initially lodged the legal action, branding the regulator a “marketplace manipulator.”
The case has been keenly observed as a substantial judicial confrontation in the cryptocurrency sector. Ripple’s conquest could influence how regulators tackle digital assets in the times ahead. Garlinghouse spoke extensively about the entire crypto sphere, deeming the result a stride toward rendering the U.S. a more advantageous setting for crypto advancement.
Following the announcement, the cost of XRP escalated, presently trading at $2.55.
