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Ripple CEO Brad Garlinghouse announced that his firm and the SEC are ending their efforts to resolve an outstanding cross-appeal. Judge Torres denied them yesterday, officially marking one final setback.
In other words, Ripple does not have any recourse for appealing a Gensler-era decision forbidding it from selling securities to individual investors. Still, Garlinghouse looks forward to new opportunities in other sectors.
Ripple and the SEC Abandon the Appeals Process
The Ripple v SEC case has been a huge event for crypto regulation, but the spectacle didn’t end after the case got dropped. Both parties have spent the last few months trying to resolve one lingering issue: a cross-appeal regarding non-institutional securities sales. Today, Ripple CEO Brad Garlinghouse announced that the company is finally giving up:
Essentially, Ripple has been bound by a previous court decision from the Gensler era. The SEC now has a more crypto-friendly stance, and it’s been trying to work with Ripple to reverse this ruling. Unfortunately, their cooperation has proven insufficient.
Judge Torres denied their request yesterday, and any new effort could take months or longer. Faced with this challenge, Ripple and the SEC don’t think the fight is still worth it. The company will remain forbidden from selling securities to retail investors, possibly forever. Still, this will free up time and resources to build new futures in other sectors of interest.