Ripple declares victory as SEC backs down—CEO discusses next steps, cross-appeal

After the SEC withdrew its appeal, the CEO of Ripple outlined the company's next steps, shifting from defense to offense in a major victory for the cryptocurrency industry. Ripple has spent 150 million dollars to fight the SEC: 'We are still waiting for the cross-appeal' The CEO of Ripple, Brad Garlinghouse, outlined the next steps for the company after the U.S. Securities and Exchange Commission (SEC) decided to withdraw its appeal, calling this decision a significant victory for Ripple and the cryptocurrency industry as a whole. "This brings a lot of certainty for Ripple—quite frankly, for me personally because the SEC has sued me," he stated in an interview on March 19 with Bloomberg. "The SEC has withdrawn their appeal. They filed the lawsuit in December 2020. We won in the main parts of the lawsuit in the summer of 2023." Judge Torres ruled that XRP is not a security on its own. He further explained: "The SEC filed an appeal about eight months ago and what they have now agreed to is that they will withdraw that appeal." Referring to Ripple's cross-appeal filed in October 2024, Garlinghouse revealed: We still have a cross-appeal pending, and so we are really shifting from defendant to plaintiff. So now we are in the driver's seat to determine how we want to proceed. Garlinghouse also announced the news on social media platform X, writing: "This is the moment we have been waiting for. The SEC will withdraw its appeal - a resounding victory for Ripple, for cryptocurrency, in every way you look at it. A bright future. Let’s build together." The CEO of Ripple emphasized the shift from defense to offense after a prolonged legal battle that cost the company over 150 million dollars. "The feeling of being on the offensive is much better than being on defense. For four years, we have spent over 150 million dollars to defend against that lawsuit—not just for Ripple but for the entire industry." I think what is really important is this SEC, SEC Gensler, really trying to bully and continue the legal battle, filing lawsuits and litigating against cryptocurrency companies. Now that is over, and I think that is great for the cryptocurrency industry in the U.S. and frankly great for cryptocurrency in general," he said. While Ripple may choose to completely terminate the legal proceedings, the company is still evaluating whether to appeal certain aspects of the ruling, particularly the $125 million penalty that is currently being escrowed. Garlinghouse commented: At this point, all we are fighting for is whether we want to fight to get back 125 million dollars or not. "Will I overlook that before they appeal, before President Trump appoints Paul Atkins, Scott Bessent, and David Sachs to key, important, and very smart leadership positions in the industry to bring the industry back on land? I will overlook it. Now you look at that, and you think that this lawsuit by the SEC will never come out," he commented. Aside from the lawsuit, Garlinghouse argued that the SEC's case "failed from the start" and is an attack on the cryptocurrency industry. He stated that Ripple is not only "on the right side of the law" but also "on the right side of history," criticizing the SEC's approach under former Chair Gary Gensler as an effort to "intimidate and terrorize" cryptocurrency companies. Ripple's legal director, Stuart Alderoty, also considered X, stating: "Today, Ripple moves forward—stronger than ever. This landmark lawsuit has set a precedent for the domestic cryptocurrency industry." He added: "With the SEC dropping the appeal, Ripple is now in control and we will assess the best way to pursue our cross-appeal." "No matter what, today is the day to celebrate this victory." With the fading of legal uncertainties, Ripple is shifting its focus to industry growth, acquisitions, and engaging in regulatory activities, with the aim of strengthening its position in the changing cryptocurrency landscape.