Ripple CEO: SEC Withdraws Appeal in Case Against Crypto Company

The U.S. Securities and Exchange Commission is discontinuing its appeal in the lawsuit against Ripple, as announced by Ripple CEO Brad Garlinghouse. Following this news, Ripple's cryptocurrency, XRP, experienced an approximately 11% surge. A judge had earlier determined that XRP is "not necessarily a security on its face," according to CNBC. Garlinghouse characterized the case as "doomed from the start" and referred to its conclusion as a "victory" for Ripple.