Today marks a historic victory—for Ripple, our employees and customers, and for the entire crypto industry. After more than four years of litigation, the SEC will drop its appeal against Ripple, concluding the SEC’s 4+ year long lawsuit. This is subject to Commission vote and approval.
The following video and transcript captures Ripple CEO, Brad Garlinghouse and his perspective on this monumental win.
As many of you know, just over four years ago, the United States SEC filed its lawsuit against Ripple.
I am finally able to announce that this case has ended. It's over.
Sitting here today, and reflecting on four years ago, it seems very clear to me that this case was doomed from the start. In so many ways it was the first major shot fired in the war on crypto. I truly felt like I knew then that Ripple was not only on the right side of the law, but I felt that we were also going to be proven to be on the right side of history.
It really, I think, sends an ominous sign for innovation around cryptocurrency in the United States. Picking winners in general has not been something the U.S. government should be in the business of doing.
I think the judge realizes this is not just about Ripple. This will have broader implications.
And as Mary Jo White, the former head of the SEC has said publicly, that she views this as a dead wrong, the SEC is dead wrong on this decision.
Ripple is the first company with the resources, determination, and grit to fight back against the Agency’s overreach.
And today, this journey finally concludes.
Today is a victory - and a long overdue surrender by the SEC.
The SEC, under Chairman Gary Gensler, went after the whole industry, using the same arguments they used against us.
They weren’t out to protect investors, they were out to intimidate and terrorize.
The regulator whose primary purpose is to protect investors went all in on a non-fraud, victimless lawsuit and wiped out $15 billion of value from innocent XRP holders. The SEC was the market manipulator.
The SEC wasn't seeking justice; they were seeking to win a case at any cost.
Forces inside our government aligned with the SEC and embarked on a campaign of debanking anyone associated with the crypto industry.
This was lawfare - a war of legal terror.
Fortunately, the judge rebuked the SEC multiple times in this journey.
First, for lacking a quote “faithful allegiance to the law.” The SEC was sanctioned in our case for discovery abuses. And the pattern was then repeated in other crypto cases.
Well, let’s just say they’re trying to confuse you.
We won then on every critical legal point, proving that the digital asset XRP is not a security.
That is now the law.
And those wins have laid the groundwork for policymakers to adopt a set of rules for crypto that are in line with nearly a century of securities law.
With today’s news, the war on crypto has ended in defeat for those who turned our own government against a technology and an entire industry.
I’m heartened that we have paved the way for other industry players to see the value in not backing down and for others to use our legal playbook to fight back.
We are now closing a chapter in crypto history. I think we are all stronger for our prior litigation successes and today’s landmark victory.
Progress is worth fighting for.
We won multiple pro-crypto victories at the ballot box last year. It’s time to make the U.S. the crypto capital of the world.
Thankfully, we have new leadership in the executive and legislative branches of our government. That leadership is actively seeking a rational and constructive way forward on crypto. Let’s make the most of this.
This is an incredibly promising moment.
Let’s come together. Let’s leave the tribalism behind.
Let me make it clear that my main message – that Ripple’s main message today is about gratitude.
It’s gratitude to everyone who stood by us - to every Ripple employee, to the incredible legal team here at Ripple led by the best Chief Legal Officer in the business, Stu Alderoty.
Gratitude certainly to the XRP family - to our customers, to our partners, thank you - we couldn't have won this battle without all of you being behind us and working together.
I truly believe we all agree there is immense opportunity with the largest economy in the world finally taking a pro-crypto and pro-innovation approach to build this technology in order to solve real-world problems for people around the planet.
This was a fight Ripple never wanted, but one we knew we had to win. And today, emphatically, we have.
Thank you.
