Here’s what happened in crypto today

Today in crypto, the United States Securities and Exchange Commission (SEC) dropped its multi-year enforcement action against Ripple, and crypto lawyer John Deaton says SEC’s allegation that XRP (XRP) is a security is now dead in its tracks. Meanwhile, Solana Labs founder says he is “ashamed” of downplaying a controversial advertisement on Solana that mocked gender identity.

Solana CEO breaks silence over controversial ad backlash

Solana Labs CEO Anatoly Yakovenko has broken his silence over the “America Is Back — Time to Accelerate” advertisement, which blended American patriotism and tech innovation with political messaging around gender identity.

“The ad was bad, and it’s still gnawing at my soul,” Yakovenko said in a March 19 X post after receiving immense backlash over the controversial ad. 

“I am ashamed I downplayed it instead of just calling it what it is – mean and punching down on a marginalized group.”

Yakovenko praised those in the Solana ecosystem who called out the “mess” that was posted on Solana’s X account, which accumulated around 1.2 million views and 1,300 comments before it was deleted roughly nine hours later.

Yakovenko said he will use the learning experience to ensure Solana stays focused on open-source software development and decentralization while staying “out of cultural wars.”

SEC’s failed case against Ripple is proof XRP is not a security — John Deaton

Crypto lawyer and former Massachusetts Senate candidate John Deaton said the SEC’s failed lawsuit against Ripple is the final death knell in its claim that the XRP token is a security.

In an interview with Cointelegraph, Deaton said the XRP token is a digital commodity, not a security. After the SEC decided to drop its case against Ripple, the blockchain company will have the opportunity to renegotiate the $125-million judgment against it, said Deaton. 

“Everything’s turned,” since the election of Donald Trump, said Deaton. “The election’s turned, the industry turned, the SEC [has] completely done a 180 as it relates to the industry. Why should we pay $125 million?”

Earlier in the day, Ripple CEO Brad Garlinghouse called the regulator’s XRP reversal a “victory for the industry and the beginning of a new chapter.”

SEC will drop its appeal against Ripple, CEO Garlinghouse says

The United States Securities and Exchange Commission’s multi-year enforcement action against Ripple from 2021 is finally coming to an end, according to the company CEO.

“This is it — the moment we’ve been waiting for. The SEC will drop its appeal — a resounding victory for Ripple, for crypto, every way you look at it,” Ripple CEO Brad Garlinghouse wrote on X on March 19.

“I’m finally able to announce that the case has ended; it’s over,” Garlinghouse said in the attached video to the X post.