Ripple Ends SEC Lawsuit, CEO Credits XRP Community for Insight

Ripple Labs has finally ended its lengthy legal battle with the United States Securities and Exchange Commission (SEC). The case lasted more than four years, bringing uncertainty to Ripple and the broader cryptocurrency industry. Ripple has confirmed it will not continue its appeal. This decision came just after Ripple’s CEO, Brad Garlinghouse, praised the XRP community for correctly predicting this outcome. XRP Community Predictions Proven Right A few days before the final decision, Digital Assets Daily ran a poll asking the XRP community what they thought Ripple would do next. Over 500 XRP holders responded. Interestingly, the majority, approximately 74%, believed the company would settle the case rather than continue fighting it in court. That prediction became reality when Garlinghouse took to social media shortly after the ruling. After the court gave its final decision, the CEO confirmed that Ripple would not appeal. He also thanked the community for their strong support and good judgment. Court Rejects Ripple and SEC Settlement Request On June 26, the judge presiding in the case, Analisa Torres, rejected a joint request from both Ripple and the SEC . Both parties had agreed to settle the case with a reduced $50 million penalty and to remove the ban on Ripple’s institutional sales of XRP. However, the court declined, keeping the original $125 million fine and the injunction in place. The judge ruled that there were no exceptional circumstances to justify reversing the previous decision. With this ruling, Ripple was left with two options: either to continue the appeal process or end it and accept the terms. The company chose the latter. Meanwhile , this was not the first time Ripple and the SEC tried to reduce the penalties. They had made a similar request earlier, which the court also rejected. Even when both parties corrected and refiled the request, the court still said no. Judge Torres stood by her original finding. She explained that Ripple had likely broken securities laws, and that was enough reason to keep the ban in place. Ripple Plans to Move Forward With the case behind them, Ripple has stated its intent to focus entirely on business growth and innovation. Garlinghouse reiterated the company’s commitment to building the Internet of Value. This idea aims to make cross-border payments faster, cheaper, and more accessible using XRP and blockchain technology. Also, the crypto community is hoping that the approval of the XRP Exchange Traded Fund (ETF) will be expedited now that the legal battle surrounding the digital coin is over. Many believe leading asset manager BlackRock will be the first to launch the crypto investment firm in the United States. The post Ripple Ends SEC Lawsuit, CEO Credits XRP Community for Insight appeared first on TheCoinrise.com .

Source: The Coin Rise