Ripple CEO to XRP Holders: 74% of You Were Right

As the years-long legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) winds to a close, Ripple CEO Brad Garlinghouse has publicly acknowledged the instincts of the XRP community.

Responding to a poll conducted by Digital Assets Daily about the potential outcome of the lawsuit, Garlinghouse affirmed that 74% of over 5,000 respondents who voted that Ripple would end the case were right.

https://twitter.com/bgarlinghouse/status/1938704671809675386?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

The Recent Background of the Lawsuit

On June 26, Judge Analisa Torres rejected the joint motion filed by Ripple and the U.S. Securities and Exchange Commission (SEC), which sought to settle the case with a reduced $50 million penalty and the removal of the permanent injunction on Ripple’s institutional XRP sales.

The court declined to approve the proposed terms, leaving the original $125 million penalty and injunction intact. This ruling left Ripple with two options: continue with its appeal or withdraw it entirely and allow the existing judgment to stand, effectively ending the case.

Digital Asset Daily’s poll presented these two paths to the community, and 74% predicted that Ripple would choose to end the case. Shortly after the ruling, Garlinghouse announced on X that the company has dropped its appeal, confirming the community’s expectations.

https://twitter.com/TimesTabloid1/status/1934162718258499855?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

A Turning Point for Ripple

This moment marks a pivotal resolution to a case that has spanned more than four and a half years. The court rejected the request because neither party had demonstrated the “exceptional circumstances” required to alter a final judgment under Rule 60(b).

Judge Torres emphasized that even when both parties agreed to settle, the prior finding of a likely ongoing violation of securities laws justified the injunction, and she refused to discard that decision without a compelling reason.

This wasn’t the first time the court had pushed back. A previous joint filing, also aiming to soften the judgment, was rejected. Even after resubmitting the motion with corrections, Ripple and the SEC failed to convince the court that the situation warranted an override of its final ruling.

What’s Next for Ripple and XRP?

Ripple’s next steps involve moving forward under the court’s terms and refocusing on its core business. Ripple has indicated it’s ready to leave the legal battle behind and prioritize growth. Garlinghouse had revealed that the company would focus on building the Internet of Value, one of its primary goals with XRP.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent BitcoinLinux’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. BitcoinLinux is not responsible for any financial losses.

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