- Ripple CEO Brad Garlinghouse emerges victorious in 2023 after a legal battle with the SEC, celebrating XRP’s triumph and attributing the win to the passionate support of the XRP Army.
- The article highlights Ripple’s resilience, from facing adversity to achieving legal vindication, and its potential impact on the broader crypto industry.
On a stormy Friday night in September, the Hammerstein Ballroom in New York City buzzed with anticipation. The venue, known for hosting musical legends, was about to witness a different kind of performance – the celebration of a victory that would shape the future of the crypto world.
Ripple’s Rocky Road to Redemption
Ripple CEO Brad Garlinghouse had pledged a “proper party” for the XRP community if they prevailed against the SEC’s lawsuit. Months earlier, on July 13, 2023, U.S. District Judge Analisa Torres ruled in favor of Ripple, determining that the company had not violated securities laws when selling XRP to retail investors. The XRP Army rejoiced, and the price of XRP surged.
As Garlinghouse took the stage amidst the cheers, he reflected on the dark period leading up to this triumph. The SEC’s unexpected lawsuit in December 2020 had cast a shadow over him and co-founder Chris Larsen. Ripple had to divert approximately $150 million to defend itself, stalling the growth of the XRP ecosystem.
From Adversity to Innovation
Despite the setbacks, Ripple quietly continued to innovate. The company launched a central bank digital currency (CBDC) platform and forged partnerships with institutions globally, from the Hong Kong Monetary Authority to the National Bank of Georgia. While outsiders viewed XRP as a struggling project, insiders saw it as a force poised to revolutionize the world’s central banking infrastructure.
The XRP Army: Unsung Heroes
The XRP Army, a passionate community of supporters, played a pivotal role in Ripple’s legal battle. Attorney John Deaton, backed by advocates like Brad Kimes and “Digital Asset Investor,” mobilized the XRP community to challenge the SEC’s narrative. Their argument, asserting that XRP buyers were distinct from Ripple, potentially influenced Judge Torres’ decision.
In a candid moment on stage, Garlinghouse acknowledged the XRP Army’s contribution, emphasizing that the victory wasn’t his alone. “To be able to say, unequivocally, that XRP is not a security is just epic,” he declared, prompting cheers from the crowd.
A Precedent for Crypto
Garlinghouse’s 2023 comeback signifies more than personal vindication; it sets a precedent for the entire crypto industry. The SEC’s failed attempt to classify XRP as a security suggests that other projects in legal limbo may find relief. In an industry long wary of regulatory scrutiny, Ripple’s legal victory becomes a symbol of resilience and a potential deterrent against arbitrary lawsuits.
As Garlinghouse stands atop the crypto world in 2023, he recognizes the collaborative effort that led to this triumph. The XRP Army, once a community of fervent believers, emerges as unsung heroes in a legal saga that reshaped the narrative of Ripple, XRP, and the broader crypto landscape.
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