Ripple, a major player in the cryptocurrency sector, concludes its legal battle with the U.S. Securities and Exchange Commission (SEC), marking a significant event for the XRP community.
Background of the Lawsuit
On June 26, Judge Analisa Torres rejected the joint motion filed by Ripple and the SEC to settle the case with a reduced penalty from $125 million to $50 million and to lift the permanent injunction on XRP sales.
A Key Moment for Ripple
This ruling marks a pivotal resolution to a case that has lasted over four and a half years. Judge Torres emphasized that even when both parties agree to settle, the previous finding of a likely ongoing violation justified the injunction.
Future of Ripple and XRP
Ripple has outlined its next steps to move forward under the court's terms, refocusing on its core business activities. Garlinghouse mentioned that the company will prioritize building the 'Internet of Value,' which is one of Ripple's main objectives.
The conclusion of the legal battle with the SEC provides Ripple with the opportunity to focus on growth and development in the cryptocurrency arena and the realization of its strategic goals.
