In the midst of a sultry American summer, with law clerks melting over their parchment like butter on Odessa toast, Ripple Labs—known for stirring up more trouble than a Moscow cat in a room full of rocking chairs—has decided: enough is enough.
Today, the solemn Brad Garlinghouse, Ripple’s CEO and master of dramatic farewells, wiped his brow, twitched his mustache (or so we imagine), and announced on X: “Ripple throws in the towel on our counterattack! The SEC will (presumably) follow suit, so everyone can go back to pretending they understand blockchain. Lock in.” Emoji omitted, but no doubt he meant it. 😏
Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.
— Brad Garlinghouse (@bgarlinghouse) June 27, 2025
This peaceful development comes after Judge Analisa Torres—who’s surely grown tired of reading legal documents that use “crypto assets” as nouns—uttered a legendary, monosyllabic ruling: “The request is DENIED.” (Give her a medal, or at least a bagel.)
The SEC, no doubt suffering from exhaustion and flashbacks to December 2020, once hoped to squeeze Ripple for juicy monetary penalties and force them to obey securities laws with all the enthusiasm of a cat obeying bath time orders. That dream is fading, as Ripple and SEC now seem to share a mutual desire to pack up their papers and head for the nearest tavern. 🍸
Let’s rewind for dramatic effect: the lawsuit began when the SEC, in the spirit of overzealous librarians everywhere, accused Ripple of selling unregistered securities—that is, XRP—to the poor, uninformed masses, and, of course, those terrifying “institutional investors.” (Because nothing says “danger” like a hedge fund with a spreadsheet.)
After lengthy swordplay in the courts—punctuated by cryptic rulings and polite requests for “full disclosure”—Judge Torres finally decreed in summer 2023 that Ripple’s institutional sales of XRP were, indeed, a tad naughty, but sales to the general, coin-buying rabble… not so much. The gavel dropped, the dust settled, and Ripple still had both shoes (and coins) on.
By March 2024, the SEC made one last charge, demanding an injunction and a boatload of fines. But here we are: Ripple stepping away from the dancefloor, the SEC preparing to follow, leaving behind only empty martini glasses, cryptic tweets, and a few scorched lawyers. Bravo, everyone. Now, back to “building the Internet of Value”—whatever that means. 🥂
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2025-06-28 01:20