After almost four years of intense legal battles, the long -standing case between the Securities and Exchange Commission (SEC) and Ripple finally ended. The SEC, which initially filed the trial in December 2020, claiming that the XRP cryptocurrency of Ripple was an unregistered guarantee, has now abandoned the call.
Garlinghouse reflects on the long fight
In an interview with Bloomberg, CEO Brad Garlinghouse said: “It was a long battle.” But now there is much more certainty for Ripple, and frankly, for me personally, because the dry had continued me. »»
He revealed that the SEC had officially abandoned his appeal in the case, which was underway since the trial filing in December 2020. Ripple won a key victory in the summer of 2023 when Judge Torres judged that XRP, the cryptocurrency at the center of the case, is not security. This decision marked a central moment in the case.
The call of the dry is abandoned
Despite the withdrawal of the dry of his call, Garlinghouse said that the case is not fully completed. An aprisse is still pending, but the dynamics have changed. “We go from the defendant to the plaintiff,” he said. “Now we are in charge, deciding how we want to continue.”
Ripple’s legal victory and the future of industry
For Ripple, the outcome of this case is crucial not only for the company itself, but for the larger cryptography industry. Garlinghouse noted that Ripple had spent more than $ 150 million by defending the case, a legal expenditure was aimed not only to protect the business, but also to support the entire cryptocurrency sector. “It was important for the whole industry,” he said.
The judge’s decision and Ripple’s strategy
Garlinghouse also commented on the broader implications for the resolution of the case, in particular in terms of the legal status of XRP. “The DSA’s decision to delete its appeal is an important moment,” he said. “It is now clear that the SEC probably regrets bringing the case in the first place, especially given the judge’s decision.” However, certain elements of the case are still not resolved, such as the cornerstone of the civil penalty of $ 125 million was ordered to pay. This fine is currently held in receivership, pending the final resolution of the case.
The fine of $ 125 million and the next step
Ripple has expressed interest in potentially recovering the fine of $ 125 million, since no investor was injured in the process. “There was no prejudice to investors, no investor has lost money,” said Garlinghouse, suggesting that the sanction could be reconsidered as the case is approaching its conclusion.
