The protracted XRP lawsuit has sparked a heated debate after Ripple CEO Brad Garlinghouse declared victory during the Senate hearing. Ex-SEC lawyer Marc Fagel has shot down the Ripple CEO’s victory claim, offering a more nuanced view of the outcome.
SEC Lawyer Disputes Ripple’s Victory Claim in XRP Lawsuit
During a Senate hearing on Wednesday, Brad Garlinghouse recounted Ripple’s tumultuous journey through the XRP lawsuit, arguing that they finally emerged victorious. His statement read, “Thankfully, after four years of legal battle, we prevailed.”
However, former SEC lawyer Marc Fagel has questioned Garlinghouse’s victory claim, citing Judge Torres’ ruling. He pointed out that the ruling wasn’t entirely in Ripple’s favor, highlighting the $125 million penalty imposed on the company. In an X post, Fagel wrote,
“We prevailed”… aside from where the court found we illegally raised hundreds of millions of dollars through unregistered securities sales, enjoined us from further violations of the law, and penalized us $125 million.
This update follows Marc Fagel’s recent comments downplaying speculation about a potential Ripple case settlement after today’s SEC meeting. It is noteworthy that Fagel’s latest statement has sparked further debate within the XRP community. His criticism of Garlinghouse’s claim of the Ripple case win has faced backlash from the community, with many deeming it a biased approach. Despite being labeled a Bitcoin maximalist, he denied the claim, adding,
I’ve never owned any crypto. Sorry. Why does it bother you that I just stated some obvious facts?… I’m just stating facts. They’re not subject to debate.
Ripple Lawsuit Victory a Crucial Win for Crypto, Says Garlinghouse
As CoinGape reported yesterday, Garlinghouse remained vocal about the XRP lawsuit during the Senate testimony. The Ripple CEO noted, “Ripple was the first leading U.S. crypto company to be sued by the SEC. We and many others understood that a loss here would be a death knell for the industry in the U.S.” He added,
The court ruled in our favor on everything that mattered, including confirming that XRP is not, in itself, a security. Our victory cleared the path for others in the market to fight back.
Significantly, Garlinghouse called the Senate’s attention to the need for clear crypto regulation during the hearing. He also noted that the regulatory landscape has shifted under the current administration, with the SEC appearing more receptive to crypto innovation, as evident from the XRP lawsuit resolution.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
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