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- #Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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SEC drops lawsuit against Ripple
In a landmark decision, the SEC has officially withdrawn its appeal and lawsuit against Ripple Labs, as announced by Ripple's CEO, Brad Garlinghouse.
This development ends the long-running legal battle that has significantly impacted the cryptocurrency industry and XRP.
SEC vs Ripple has finally concluded
The SEC initially filed a lawsuit in December 2020, accusing Ripple of conducting an unregistered securities offering valued at $1.3 billion through the sale of XRP. However, in July 2023, Judge Analisa Torres of the U.S. District Court ruled that the sale of XRP to retail investors did not constitute a securities transaction, causing a major shock to the SEC's case. While the ruling upheld that the sale of XRP to institutions violated securities laws, the agency has pursued further legal action against Ripple.
With the SEC withdrawing its appeal and dropping the lawsuit, Ripple has achieved an important regulatory victory. This outcome is expected to set a precedent for the classification of digital assets in the United States and may impact the SEC's broader approach to enforcing cryptocurrency regulations.
The founder and CEO of Ripple, Garlinghouse, posted on X:
The market reaction occurred quickly, with XRP witnessing an immediate price increase following the announcement. Industry leaders also praised this decision as a step towards clearer regulation of cryptocurrencies.
As the lawsuit concludes, attention now shifts to how the SEC will navigate cryptocurrency oversight in the future and whether this signals a change in their regulatory stance.
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