My lovely people! Grab your seats 🔥 It turns out that Ripple Labs and the United States Securities and Exchange Commission (SEC), after a legal battle that seemed never-ending since 2020, have finally made peace!
The one and only Brad Garlinghouse, the CEO of Ripple, dropped the bomb this Friday on X (formerly Twitter), announcing that they are withdrawing the appeal. Yes, folks, this chapter is closed once and for all! 🚪 Garlinghouse made it clear that now his focus is different: "building the Internet of Value." It sounds that big!
Do you remember all the mess? The SEC accused Ripple of raising 1.3 billion dollars by selling XRP without registering it as a security. But it wasn't that simple. In a decision from last year, Judge Analisa Torres gave them a bit of good and a bit of bad. On one hand, she said that the "programmatic" sales of XRP (those made blindly) did not violate the law. That’s when Ripple celebrated! 🎉
But not everything was rosy. The judge also ruled that direct sales to "institutional buyers" did count as securities, and because of that, she hit them with a fine of 125 million dollars! 💸 A serious matter!
Back in March of this year, Ripple had signaled that it was not going to continue appealing. And this announcement from Garlinghouse comes just after Judge Torres rejected a request from both parties to undo a court order and reassign the fines (which were 50 million for the SEC and 25 million for Ripple).
Although Ripple hasn't released more details, the message is crystal clear: They are tired of the courts and ready to move forward! So, folks, this is a sign that the crypto world keeps moving, and Ripple, with its XRP, is ready to go all in on that "Internet of Value." Stay alert for what's coming! 😉$XRP
