Ripple CEO, Brad Garlinghouse, shared updates on the company's legal matters following the SEC's withdrawal of the XRP lawsuit.
Conclusion of the SEC Lawsuit Against Ripple
Brad Garlinghouse stated that the SEC has abandoned its appeal, providing more certainty to the company and leading to significant changes in its legal stance. Additionally, Garlinghouse highlighted the 2023 summer ruling by Judge Analisa Torres, declaring XRP not a security, which gives Ripple the opportunity to control its legal course. The company now assumes the role of plaintiff, determining its legal actions.
Ripple's Future Plans
Ripple is considering whether to drop its cross-appeal, enabling the company to focus on an offensive strategy to defend its interests. Despite spending over $150 million on legal defense efforts over the past four years, Garlinghouse emphasizes that the SEC's adversarial approach under Gary Gensler is now over. Regarding the $125 million penalty, he mentioned that the amount remains in escrow as the company contemplates its next moves.
Political Changes and Their Impact on Ripple
Garlinghouse noted significant changes in the regulatory climate with the current administration. He highlighted the appointments of Paul Atkins and other key leaders influencing crypto policy. Garlinghouse also commented on the administration's altered stance toward the crypto industry, underscoring their aim to bring the crypto industry back to the United States.
Garlinghouse's remarks underline that Ripple has emerged from the SEC lawsuit in a stronger position. With greater control over its legal strategy, this empowerment is expected to positively impact the company's further development.
