The CEO of Ripple, Brad Garlinghouse, recently abandoned a major update. Ripple officially removes its cross -call, and the dry should do the same. After years of audience drama, this could mark the end of one of the most prominent battles in Crypto.
Recently, Judge Torres rejected a joint request for the SEC and Ripple to approve a proposed regulation. The agreement was to reduce Ripple’s civil penalty to $ 50 million and increase the permanent injunction.
One of the users of X noted that it was not finished before the official confirmation of the SEC. Bill Morgan shared that a vote of the SEC commissioners was always necessary, but it is only when, not so.
SEC vote is still necessary, but the result is certain
The former SEC official, Marc Fagel, explains that the SEC must still vote officially to abandon his call. The previous vote of the SEC only approved the proposed agreement, and not a complete dismissal of the case. Since the regulations were conditional and the court did not approve of it, the SEC must now have a separate vote to officially abandon the appeal.
The injunction remains
Marc Fagel confirms that although the Ripple-SEC litigation is actually finished, the injunction against Ripple remains in place. Asked about Ripple’s institutional strategy, he warns that the distribution of XRP through other companies could still violate the securities laws, although he noted that the application of the current SEC law makes the results unpredictable.
Lawyer Fred Rispoli weighed on Ripple’s surprise announcement and noted that the timing was not accidental. Ripple’s decision to drop his crossed appeal one day after the final judgment of Judge Torres, which shows that the result was probably planned in advance.
According to Rispoli, Ripple and the Sec had already discussed the terms in camera, preparing the way at the end of this long battle.
2023 Decision Stands: XRP Not a warranty in retail sales
The price of XRP jumped at $ 2.15 after the announcement. The case will end completely once the SEC also removes its call, which is planned in the coming weeks. The key decision of 2023 is still able, confirming that XRP sales on scholarships are not titles, offering continuous clarity for retail merchants.
