Garlinghouse: 2023's Comeback King with XRP's SEC Victory

• The Ripple Celebration: The Proper Party
• Most Influential of 2023
• Victory for Ripple and the XRP Community
• The Proper Party Celebrates Victory
• From SEC Allegations to Ripple's Resurgence
• The SEC Rulings
• Role of the XRP Army

The Ripple Celebration: The Proper Party

The legendary Hammerstein Ballroom in New York, known for hosting music giants like the Grateful Dead, Jane's Addiction, David Bowie, and Taylor Swift, welcomed a different crowd one rainy Friday night in September. These attendees had gathered for something of great significance to them - The Proper Party.

Most Influential of 2023

This celebration was part of The Source's Most Influential 2023. An NFT by La Vaun, created for the occasion, was up for auction starting Monday, Dec. 4. Holders of a Most Influential NFT were promised a Pro Pass ticket to Consensus 2024 in Austin, Texas.

Victory for Ripple and the XRP Community

Earlier that year, Brad Garlinghouse, the CEO of Ripple, had vowed to throw a proper party for the XRP$0.620 -1.68% community if they triumphed over the SEC's lawsuit. As predicted, U.S. District Judge Analisa Torres ruled in July 2023 that Ripple had not violated securities laws when selling XRP to retail investors. This victory was received warmly by the XRP community.

The Proper Party Celebrates Victory

The crowd at Hammerstein Ballroom, many of them XRP enthusiasts from across the nation, visibly celebrated their victory with XRP merchandise. Garlinghouse then took the stage, thanking the community and sharing his experiences with the SEC's lawsuit. His candidness about the difficulty of the time resonated with the audience.

From SEC Allegations to Ripple's Resurgence

Garlinghouse, who, despite fully cooperating with the SEC, had been personally sued, felt his trust was betrayed. The lawsuit had forced Ripple to spend approximately $150 million in defense, and the SEC's actions significantly impacted the value of the XRP token. Despite this, Ripple had managed to build, innovate and create partnerships, launching a central bank digital currency (CBDC) platform and announcing relationships with several global financial authorities. By the end of 2023, Garlinghouse could see his company's triumph and was subsequently recognized in The Source's Most Influential list.

The SEC Rulings

Also in October, the lawsuit against Garlinghouse personally was dropped, and the SEC's appeal of the July ruling was rejected. The legal victory was a boon for the entire crypto industry, providing possible precedence for many other projects in a state of legal limbo.

Role of the XRP Army

The XRP Army significantly shaped Ripple's battle. Lawyer John Deaton and other XRP champions rallied the XRP community, arguing that they were buying XRP and not Ripple, thus potentially weakening the SEC's case. This led Garlinghouse to propose that the Most Influential award should be shared with the XRP Army. The moment of declaring XRP is not a security was met with roaring applause from the crowd. The celebration continued as Lenny Kravitz took the stage, emphasizing that the Hammerstein Ballroom is a proper concert venue, and this was indeed a Proper Party.

Edited by Jonathan Stoker