Ripple Vanquishes SEC Overreach in Final Legal Victory
August 07 2024 - 9:24PM
Business Wire
Today's Ruling Is Yet Another Victory For Ripple After Nearly
Four Years Of Misguided SEC Attacks
Ripple, the leading provider of enterprise blockchain and crypto
solutions, announced today the end of its years-long fight with the
U.S. Securities and Exchange Commission (SEC). In what is seen as a
clear victory for Ripple, the Court issued a remedies order
imposing a $125 million penalty for certain historic unregistered
sales of XRP to sophisticated third party institutions - far below
the unprecedented $2 billion in fines and penalties that the SEC
requested.
The Court’s rejection of the SEC's request is another monumental
win for Ripple and the broader XRP community. The Court made clear
that there were no victims because none of the third parties lost
any money. Ripple respects the Court's decision and plans to pay
the penalty using our healthy balance sheet.
"The Court's decision today shows that the SEC's overreach and
absurdity was on full display - their last ditch effort to extort
our company was off by 94%," said Ripple CEO Brad
Garlinghouse. "By rejecting the SEC's last-gasp attempt to
extract unwarranted remedies from us, the Court confirms what we've
always known: Chair Gensler's SEC is detached from reality, ignores
facts, and operates outside the law. Despite Chair Gensler's best
efforts, both Ripple and the broader crypto industry have emerged
from this chapter stronger than ever.”
This victory is the fourth consecutive triumph for Ripple
against the SEC. Leading up to today's decision, the Court declared
"XRP is not in and of itself a security" and denied the SEC's
request for an interlocutory appeal. The SEC subsequently dropped
claims it brought against Ripple CEO Brad Garlinghouse and
Co-founder and Executive Chairman Chris Larsen.
For over 10 years, Ripple has been the industry leader providing
financial institutions with simple, secure and compliant digital
asset infrastructure. The company’s payment and custody
infrastructure continues to experience global growth, with live
custody offerings in 20 jurisdictions and payments solutions
available in 80+ payout markets, representing more than 90% of the
global foreign exchange market.
About Ripple
Ripple is the leading provider of digital asset infrastructure
for financial institutions—delivering simple, compliant, reliable
software that unlocks efficiencies, reduces friction, and enhances
innovation in global finance. Ripple’s solutions leverage the XRP
Ledger and its native digital asset, XRP, which was purpose-built
to enable fast, low-cost, highly scalable transactions across
developer and financial use cases. With a proven track record
working with regulators and policymakers around the world, Ripple’s
payments, custody and stablecoin solutions are pioneering the
digital asset economy—building credibility and trust in enterprise
blockchain. Together with customers, partners and the developer
community, we are transforming the way the world creates, stores,
manages and moves value.
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Media Contact: Susan Hendrick Press@ripple.com