The crypto world recently witnessed a spectacular celebration, known as the “Proper Party,” hosted by Ripple on September 29 in New York City. It was more than just a typical gathering. This event marked a significant milestone – the victory of Ripple over the US Securities and Exchange Commission (SEC) in a lengthy and closely-watched legal battle.
Victory Over the SEC
The case at the heart of this celebration revolved around allegations that Ripple had violated US securities laws by selling an unregistered token, XRP. Ripple and the SEC debated whether XRP should be classified as a security for years. It was a high-stakes standoff with implications for Ripple and the cryptocurrency industry.
In a landmark decision this year in July, the court ruled that programmatic sales of XRP on third-party exchanges did not constitute security tokens. However, sales directly to institutional investors were deemed as securities.
Brad Garlinghouse’s Response
Ripple’s CEO, Brad Garlinghouse, did not hold back in expressing his views on the victory. He fired back at SEC Chair Gary Gensler, stating, “You have to stand up to a bully.” This statement encapsulated the sentiment within the crypto community that this legal win was not just a victory for Ripple but a significant milestone for the entire cryptocurrency industry.
Highlights from Brad Garlinghouse’s Speech
During his speech at the Proper Party, Garlinghouse acknowledged the global presence of the Ripple community, expressing gratitude to the passionate attendees.
Recognition for Key Contributors
Garlinghouse took the opportunity to recognize key figures in Ripple’s journey. Notable individuals included Stuart Alderoty, Deborah McCrimmon, and the legal team at Ripple, with special mentions for Anna Gargano and Deputy General Counsel Sameer Dhond. A well-known CTO of the Ripple community, David Schwartz also acknowledged for his Support to the Community.
Acknowledging Ripple’s Larger Community
Beyond Ripple, Garlinghouse expressed his gratitude to the larger community. He shared his personal story of facing the SEC lawsuit and the crucial support he received from various figures, such as John Deaton, Jeremy Hogan, and James K. Filan.
Garlinghouse emphasized the collective effort that led to Ripple’s legal victory, underscoring the strength of the Ripple community. He thanked his family and supporters for their unwavering support.
Figures like Jeremy Hogan, known for their involvement in the XRP case, expressed their joy and appreciation for the party’s success.
The event even featured a performance by rock legend Lenny Kravitz, adding to the festive atmosphere. The “Proper Party” was more than just an ordinary gathering. It was a celebration of resilience, unity, and triumph over adversity. The event saw attendees from around the world, reflecting the passion and dedication of the crypto community.
Speculation and Anticipation
As Ripple celebrated its victory, members of the XRP community speculated about possible announcements from the company. Speculations ranged from a settlement in Ripple’s legal battle with the SEC to an IPO, partnerships with major financial institutions or payment networks, and even XRP Futures contracts.
However, not everyone within the XRP community shares the same level of optimism. Some cautioned against overly optimistic expectations and considered the party a celebration of the court’s decision rather than a platform for major announcements.
Ripple’s Chief Technology Officer, David Schwartz, confirmed some of these speculations, fueling anticipation within the crypto community as they eagerly await Ripple’s next move.
Ultimately, the “Proper Party” was more than just a celebration; it was a testament to Ripple’s resilience and the crypto community’s strength. As the crypto world continues to evolve, events like these serve as reminders of the significant strides made in the industry and the challenges that lie ahead.
Glimpse of Ripple Proper Party
The post appeared first on Coinpedia
