The SEC dropped its appeal against Ripple after more than four years of litigation. Nevertheless, Ripple is still contesting the imposed fine and registration requirements.
Judge's Ruling and Market Reaction
Judge Analisa Torres ruled in August 2023 that XRP is not a security when traded on secondary markets, but institutional XRP sales were classified as securities. This news led to an 11% increase in XRP to $2.52, according to CoinGecko data.
Legal Costs and Ripple's Stance
Ripple CEO Brad Garlinghouse, in a Bloomberg interview, shared that the company has spent over $150 million on legal defense. He criticized the SEC's strategy as an attempt to extend its control over the crypto industry through litigation.
Ripple's Future Plans and Acquisition Interest
Despite IPO speculations, Garlinghouse stated that going public is not a priority for Ripple right now. Instead, the company is focusing on acquiring blockchain infrastructure companies and expanding its business with initiatives like launching RL USD.
The SEC has shifted its crypto enforcement approach, but Ripple continues its legal battle while planning future business expansion through acquisitions and stablecoin development.
