HomeAltcoin NewsXRPGarlinghouse Announces SEC Case Closure, Sets Sights on XRP Expansion

Garlinghouse Announces SEC Case Closure, Sets Sights on XRP Expansion

Date:

  • Ripple’s case with the SEC is officially resolved following leadership changes at the agency.
  • The company completed a $2 billion acquisition, reflecting new confidence in market conditions.
  • Ripple is considering paying its SEC fine in XRP, which could place the asset in US digital reserves.

Ripple News Today reports essential industry updates since CEO Brad Garlinghouse stated his company finished its legal dispute with the SEC. Ripple achieved a major turning point through its decision, indicating a dramatic change in how the United States.

SEC Case Ends as Ripple Looks to Future

Ripple received finality from its prolonged legal dispute with the U.S. Securities and Exchange Commission because the agency stopped pursuing appeals. The SEC made two significant moves, including removing the permanent injunction that allowed Ripple to advance without worrying about pending legal threats. During his appearance on Fox Business, Brad Garlinghouse confirmed these advances.

Garlinghouse acknowledged that the U.S. government shows signs of shifting its position regarding digital assets. The current regulatory system remains unclear, but progress is apparent, according to his observation. He emphasized the need for clear regulatory guidelines because they would encourage innovation while avoiding damaging sector development.

Ripple established an initial provision of $125 million for possible fine payments. After reaching the resolution, the company recovered most of its original reserve of $125 million and built up interest. Under the terms of the resolution, the SEC and U.S. Treasury will receive a $50 million payment. Ripple and their financial partners are discussing using XRP tokens instead of traditional currency to pay for the settlement.

$2B Acquisition Shows Confidence in Changing Market

Ripple made one of the most significant acquisitions in crypto history when it purchased Hidden Road for $2 billion in a strategic business deal. According to Garling, acquisition only became possible because the previous regulatory era would not have allowed it. The acquisition demonstrates that Ripple has fresh momentum in the United States market and is preparing for an upcoming growth period.

Ripple considers this acquisition an essential strategic approach to grow its service network. The current timing of this deal indicates that government organizations now embrace cryptocurrency differently. Ripple intends to use the lessening regulatory stress to perform future projects while benefiting from favorable market conditions.

The financial world, along with cryptocurrency experts, has expressed doubts about the company looking into XRP as payment for its fine. The payment of XRP could lead to XRP obtaining status as a digital asset reserve option when approved by the U.S. government. The financial reserves currently consist of Bitcoin alongside Ether, BNB, and USDT.

The program established by President Trump enabled the U.S. to collect over $16 billion worth of digital assets. The program accepts its monetary assets exclusively from civil or criminal seized property. A Ripple XRP payment toward its fine could result in XRP receiving formal recognition and national reserve storage authorization. 

At the current market price of $2.03, a payment transaction involving 24.63 million XRP tokens is possible. SEC commissioners need to vote to determine the future of Ripple and the entire crypto industry.

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Joy Nganga
Joy Nganga
Joy is a Market Analyst and Blockchain Technology Writer at AltcoinBeacon. With over five years of experience, she is highly skilled in the crypto market and well-versed in blockchain technology. Joy Nganga offers the latest news and insightful analysis, making her a valuable resource for informed decisions in the crypto space.

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