At last, the curtain falls: After nearly four years of legal writhing and bureaucratic agony, Ripple has cast aside its cross-appeal with the SEC—in a gesture that smacks of both humility and existential surrender worthy of a Dostoevskian hero lost in the snowdrifts of fate.
Brad Garlinghouse, CEO and protagonist for our age, raised his metaphorical vodka glass on June 27, announcing that Ripple would forgo contesting the court’s 2023 pronouncement—that those shadowy institutional XRP sales were, alas, securities transactions after all. Poor Brad. One imagines him contemplating the abyss of regulatory caprice, quietly whispering, “Am I guilty, or is it the law itself that is mad?”
Does This Mean the XRP Lawsuit Has Died or Is Merely Sleeping?
Picture the courtroom: cold, indifferent, with SEC officials dressed like Dostoevsky villains, and the air heavy with the scent of ennui and fear. The debate raged: was this the end, or simply a bureaucratic Dostoevsky plot twist?
For months, both Ripple and the SEC exchanged more paperwork than Raskolnikov wrestled with existential dread. The bone of contention? The cross-appeal about XRP sales to the huddled masses, non-institutional and apparently not criminal enough to inspire further poetic litigation.
At last, CEO Garlinghouse throws up his arms—metaphorically, but possibly also literally—declaring Ripple’s capitulation. So epic, so… inevitable. 💀
Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.
— Brad Garlinghouse (@bgarlinghouse) June 27, 2025
All this after Judge Torres’ great June 26 monologue—er, ruling—where she crumpled the parties’ desperate attempt to adjust the injunction and soften Ripple’s penalty like yesterday’s pastry. No one got what they wanted, but such is the music of fate. 🎻
Ripple, gazing into the void, now accepts the court’s judgment: no more institutional sales of XRP, and a penalty of $102.6 million—a number that will haunt Ripple’s dreams like Svidrigailov’s ghosts. One might ask: “Why not just round it up to $103 million and be done with it?” Modern absurdity, Dostoevsky would understand. 🤦
The final act draws to a close. No more dramatic court scenes are expected. Once the SEC takes its bow and exits (with a formal withdrawal of its own appeal), the play will be over—unless, of course, the bureaucracy decides another encore is necessary.
The 2023 ruling holds fast: exchange-traded XRP is not a security. Retail traders may now rejoice—or at least sigh in relief, as if awakening from a particularly tedious Russian novel.
This case, which began with a Kafkaesque bang in December 2020, has become a monument to the tragicomedy of financial regulation. At last, the book closes, dust motes swirling in the ghostly light—a chapter of American legal literature, as perplexing and labyrinthine as anything in the pages of Dostoevsky.
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2025-06-28 01:38