In the grand theater of financial absurdity, last week, the illustrious CEO of Ripple, Brad Garlinghouse, took to the stage with a flourish, proclaiming that the SEC had, in a fit of inexplicable benevolence, decided to drop its appeal without conditions. A standing ovation, perhaps? Or merely a polite chuckle from the audience?
Garlinghouse, with the confidence of a man who has just discovered a new flavor of ice cream, declared that this marked the end of a protracted saga that began in the twilight of 2020. Yet, as is often the case in the labyrinthine corridors of legalese, misconceptions lingered like a bad smell. Enter Stuart Alderoty, the Chief Legal Officer, to clear the fog with the precision of a surgeon wielding a scalpel.
Ah, the final crossing of t’s and dotting of i’s – and what should be my last update on SEC v Ripple ever…
Last week, the SEC, in a moment of clarity, agreed to drop its appeal without conditions. @Ripple has now graciously agreed to drop its cross-appeal. The SEC will retain a paltry $50 million of the $125 million fine (already in an…
— Stuart Alderoty (@s_alderoty) March 25, 2025
Let us not forget the grand spectacle of last year when the US courts, in their infinite wisdom, imposed a $125 million penalty on Ripple, citing the murky waters surrounding XRP’s status. The SEC, in a fit of ambition, initially sought a staggering $2 billion, only to retreat like a soldier from a losing battle last week.
Now, in a twist worthy of a Shakespearean play, Alderoty revealed that Ripple has also agreed to drop its cross-appeal. This means the Securities and Exchange Commission will keep a mere fraction of the original fine – a meager $50 million. The remaining $75 million, like a forgotten child, will be returned to Ripple.
Alderoty, with the confidence of a man who has just won the lottery, assured us that this amount is already nestled in an interest-bearing escrow account, safe and sound. However, this is still subject to a Commission vote, a process that could rival the slowest of tortoises. Yet, Alderoty seems convinced that this is the final curtain call for the lawsuit, declaring this would be his last update on the matter, ever. Cue the applause!
In stark contrast to the frenzied excitement following Garlinghouse’s announcement, when XRP soared from $2.3 to $2.6 in mere moments, the asset now sits in a state of serene indifference. It has failed to breach the $2.5 resistance, remaining just shy of that elusive summit, as if it were a climber who has lost the will to reach the peak.
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2025-03-25 21:29