The occasion marked their recent triumph in the legal battle against the U.S. Securities and Exchange Commission (SEC). Among those addressing the jubilant crowd was Ripple CEO Brad Garlinghouse, who expressed gratitude and unwavering determination to persevere in the ongoing legal dispute.
XRP Proper Party- Community Celebrates XRP Ruling
Speaking at the party, Garlinghouse reflected on the protracted battle, acknowledging the collaborative effort of the XRP community in achieving this victory.
“One thing I think we all learned is that it takes a village to fight a bully, and this village beat the bully,” Garlinghouse declared.
The CEO, who is a co-defendant in the lawsuit also took time to recognize prominent figures in the pro-XRP movement, including lawyers John Deaton, Jeremy Hogan and James Filan for their constant updates and commentaries that played a huge part in keeping the community anchored.
Notably, earlier this week, Deaton, a pro-Ripple lawyer, received the prestigious Defender of Freedom Award from the International Congress of Blockchain Legal Advisors (ICBLA). This accolade celebrated his pivotal role in championing the rights of digital asset owners and his contributions to the SEC v. Ripple case.
XRP Lawsuit- Current Status
The aforementioned triumph stems from a lawsuit that has persisted for nearly three years. In December 2020, the SEC accused Ripple and its co-founders of violating securities laws by selling $1.3 billion worth of XRP without proper registration. However, Ripple vehemently rejected these allegations, asserting that XRP should be categorized as a commodity, not a security.
Notably, despite the landmark win in July 2023 for Ripple, this particular aspect of the case remained contentious, with the SEC contending that it warrants the attention of an appeals court to approve Interlocutary appeal.
That said, amidst the celebrations, Ripple has demonstrated it remains resolute in its commitment to continue the legal battle with the SEC in case of an appeal. During a recent interview with CNBC, Ripple’s President, Monica Long, reaffirmed their intent to fight the case “all the way through”.