- Main event: Ripple’s withdrawal of the cross-appeal against the SEC.
- Brad Garlinghouse communicates focus on Internet of Value.
- XRP price sees positive movement amid legal resolution.
Ripple withdraws its cross-appeal in the long-standing legal case against the U.S. Securities and Exchange Commission, confirmed by CEO Brad Garlinghouse via social media.
Main Content
The legal battle between Ripple and the SEC began in 2020 and reached a pivotal moment as Ripple chose to withdraw its cross-appeal. Brad Garlinghouse announced this decision, emphasizing the company’s shift towards building the Internet of Value. Judge Analisa Torres had recently rejected a proposed settlement, affecting the litigation’s trajectory.
Ripple’s withdrawal signals a strategic decision to resolve long-standing legal uncertainties. The ending of this high-profile case, where the SEC alleged Ripple’s unregistered securities offering, marks a significant transition for the firm. Garlinghouse continues to spearhead Ripple’s strategic moves.
We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.
— Brad Garlinghouse, CEO, Ripple
The immediate market response highlighted reduced legal pressures on XRP, beneficial for its valuation and future utility. Market trends have shown an increase in XRP’s value, with traders reacting positively to the decreased regulatory ambiguity. Historical parallels to similar cases suggest limited effects beyond XRP.
Financially, the resolution ahead could mean Ripple pays a $125 million civil penalty, though the withdrawal of the appeal renders previous settlement discussions moot. This might also pave the way for potential institutional engagement with XRP following the litigation’s conclusion.
Investors and exchanges anticipate clearer regulatory frameworks post-resolution, potentially broadening XRP’s market participation. The SEC’s anticipated withdrawal might also trigger further developments, including the exploration of a spot XRP ETF. Ripple’s focus remains on navigating the evolving landscape post-dispute.
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