Ripple Closes Chapter with SEC in Legal Case
Ripple is wrapping up its ongoing legal battle with the U.S. Securities and Exchange Commission, as stated by its CEO, Brad Garlinghouse. On Friday, Garlinghouse announced the abandonment of its cross-appeal, which would have challenged parts of the court's decision. Garlinghouse emphasized that they are focusing on 'building the Internet of Value.' The dispute has its roots in the SEC's 2020 claims against Ripple for raising $1.3 billion through XRP sales, classified by the SEC as an unregistered security. Judge Torres previously ruled some sales as non-violative due to a blind bid process, but confirmed others as securities, leading to a $125 million fine for Ripple. Garlinghouse discussed these developments following Judge Torres's refusal to lift an injunction, which Ripple and the SEC had jointly requested to release part of the fines. Ripple had opted not to pursue a cross-appeal earlier and remains silent following recent events.
FAQ
❓ What was the dispute between Ripple and the SEC about?
The SEC accused Ripple of raising $1.3 billion by selling XRP as an unregistered security.
❓ What decision did Ripple make about the cross-appeal?
Ripple decided to drop the cross-appeal to focus on future innovations.
❓ What was the outcome of Judge Torres's ruling?
Judge Torres ruled mixed decisions on Ripple's sales, resulting in a $125 million fine for direct sales deemed securities.