A Very Good Day for Ripple and the Entire Industry

Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty reflected on the significant milestone of their company as the anniversary of Judge Analisa Torres' landmark ruling on July 13, 2023, regarding XRP in the case brought by the U.S. Securities and Exchange Commission (SEC) approached.

“July 13, 2023 that was a very good day for Ripple and the whole industry,” Garlinghouse described on the social media platform X on Friday. The executive continued:

We had the conviction to fight against the bully that has been harassing our industry and waging an unlawful war. As I said from the beginning, I knew we were on the right side of the law and that we would be on the right side of history.

Garlinghouse explained that since the beginning of Ripple's legal battle, the SEC and Chairman Gary Gensler have intensified their efforts against the crypto industry, attempting to “choke this technology and industry with the false belief that they could... with failed lawsuits, false rhetoric, defamation, and intimidation.” The Ripple chief firmly believes these actions are misguided and emphasized, “They were wrong then. And they are wrong now.”

Ripple's Chief Legal Officer also shared insights on Friday regarding Judge Torres' ruling in the SEC vs. Ripple case concerning XRP. Highlighting the importance of the ruling, Alderoty said:

First and foremost it was a groundbreaking moment when it was legally determined that a token in this case, XRP is not a security in itself.

The Chief Legal Officer of Ripple noted that this ruling has influenced other cases and highlighted the SEC's overreach. “The courts have provided a much-needed check on the SEC’s conduct, but clarity on a token-by-token basis through endless litigation is unacceptable,” he remarked.

Alderoty pointed out that U.S. policymakers are increasingly frustrated by the lack of legislative progress regarding crypto, as the U.S. falls behind the rest of the world. While acknowledging that the SEC vs. Ripple case is not entirely concluded, as remedies are yet to be decided, he stressed that “the court's ruling that XRP is not a security will not change.” He noted that “even the SEC has informed the court that it will not challenge this conclusion.” Alderoty advised:

Do not be distracted by the SEC's ongoing efforts to entangle Ripple and the industry in legal trenches that leeway is running out for the SEC.

“Ripple and the entire industry have and will emerge stronger, long after Chair Gensler is gone,” concluded Ripple’s Chief Legal Officer.