Ripple filed a request on January 24 to submit a cross-appeal brief against the SEC. "With the SEC dropping its appeal, Ripple is now in the driver's seat, and we'll evaluate how best to pursue our cross-appeal. Regardless, today is a day to celebrate this victory," stated Stuart Alderoty, Ripple's Chief Legal Officer.

XRP (XRP-USD), the cryptocurrency tied to blockchain payments firm Ripple Labs, gapped up 14% in Wednesday late morning trading after Ripple CEO Brad Garlinghouse said the U.S. Securities and Exchange Commission will abandon its long-running lawsuit against the company.

In a landmark regulatory move, the United States SEC has dropped its appeal and lawsuit against crypto company Ripple Labs. Ripple CEO Brad Garlinghouse confirmed the updates, ending a legal fight that began in December 2020.