The Ripple community is currently at the edge of their seats after the company’s founder and CEO made announcements to officially host a party to commemorate the cryptocurrency’s triumph against the US SEC.
Hosting A Grand Celebratory Bash
Ripple, a leading global payments network, declared openly on Monday, August 28, its intentions to throw a dedicatory party to honor its win over the United States Securities and Exchange Commission (SEC).
Ripple’s win against the US SEC is not only a positive result for the cryptocurrency, but a significant milestone for the cryptocurrency industry in regards to regulatory clarity and transparency.
It’s understandable the relief the Ripple community feels after going through many hurdles that came with the SEC lawsuit, not just in monetary losses, but in its reputation and position as a cryptocurrency with as much potential as Bitcoin.
Ripple has disclosed some information about the celebratory party on X (formerly known as Twitter). The cryptocurrency firm stated that the party will be hosted in New York City on Friday, September 29, emphasizing to the general public to “save the date” and look forward to a great celebration.
“We’re hosting a community celebration on September 29 in New York City! Stay tuned for more details to come later this week,” Ripple tweeted.
The CEO of Ripple, Brad Garlinghouse also took to X, enthusiastically informing the public of the date of the party and how he looks forward to properly commemorating the cryptocurrency’s victory against the US SEC.
“As promised – it’s time for that proper victory party,” Garlinghouse said. “The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC!”
The Spin-Off From Ripple And SEC Lawsuit
Ripple and the US SEC have been embroiled in a lawsuit for years. The SEC first filed a lawsuit against Ripple in 2020, alleging that the cryptocurrency firm was selling unregistered securities in its native token, XRP.
Instead of accepting the SEC’s demands and paying the liabilities, Ripple responded to the allegations by engaging in a legal battle that has been ongoing for about three years.
During those years, Ripple has lost hundreds of millions of dollars in its effort to defend against the SEC’s allegations. Its native cryptocurrency was delisted from several exchanges including Bitstamp. The token also suffered from massive liquidations in the XRP futures contract.
It was only this year that things started turning around for the cryptocurrency after Judge Analisa Torres ruled in favor of Ripple and declared that programmatic XRP sales should not be labeled a security.
XRP sales jumped following Ripple’s partial win against the SEC. The cryptocurrency firm also inked a new partnership with Mastercard and is poised to be listed on Gemini.
Even though the SEC is not too happy with Ripple’s win over the case and has submitted an interlocutory appeal against the cryptocurrency firm, XRP’s price remains somewhat stable. The crypto firm has also remained strong and enjoyed the support of notable cryptocurrency enthusiasts including Pantera CEO, Dan Morehead who labeled Ripple’s victory as a “positive black swan.”