Ripple CEO Celebrates Legal Win Over SEC Regarding XRP Status
-
Brad Garlinghouse, CEO of Ripple, held a celebration called "The Proper Party" after winning a lawsuit against the SEC over whether XRP was an unregistered security.
-
The SEC sued Ripple and Garlinghouse personally in 2020, accusing them of illegally selling XRP tokens. This surprised and dismayed Garlinghouse.
-
In 2023, a judge ruled that XRP is not a security, at least when sold to retail investors. This was a major victory for Ripple and the XRP community.
-
Garlinghouse credits lawyer John Deaton and the "XRP Army" of supporters for helping make their legal case and bring attention to the lawsuit.
-
The ruling suggests the SEC may be less aggressive in future crypto lawsuits and brings more regulatory clarity about when tokens are securities.