Brad Garlinghouse, the CEO of Ripple Labs with a Harvard education, has made a bold statement of confidence in XRP by tattooing the cryptocurrency’s logo on his arm.
In a recent development, Garlinghouse’s tattoo serves as a testament to his “1000%” belief in the token’s future, coinciding with efforts to resolve the extended legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). The aftermath of the court’s ruling revealed that while XRP’s retail sales remain unaffected, institutional sales were deemed to have violated securities laws.
On Sunday, the Ripple CEO reacted to a tweet from a prominent cryptocurrency account that highlighted the significance of getting inked after the age of 50 amidst Ripple’s ongoing legal challenges. The tweet read, “When someone with a Harvard MBA gets a tattoo after 50 they have thought it through and know it’s only going to change in a good way.” Garlinghouse simply replied, “1000%.”
Garlinghouse Marks Key Court Ruling Date
The tattoo features the XRP logo along with the date July 13, 2023, when a court ruled that Ripple’s sales of XRP to institutional investors violated securities laws, while clearing retail sales from the same designation. This ruling represented a significant moment in Ripple’s ongoing battle with the SEC, which initiated legal action against the company in December 2020 over alleged securities violations.
Garlinghouse’s tattooing act reflects his steadfast support for XRP as both Ripple and the SEC navigate the complexities of their case. Last week, he disclosed that the company will be withdrawing its cross-appeal against the SEC. “Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously said,” he stated.
Just a day prior, a U.S. district court denied a joint request from Ripple and the SEC for an indicative ruling aimed at lowering Ripple’s $125 million civil penalty and overturning the classification of Ripple’s institutional XRP sales. Judge Analisa Torres noted Ripple’s propensity to “push the boundaries” of the prior summary judgment and pointed to a likelihood of further violations.
Stuart Alderoty, the chief legal officer of Ripple, reacted to the court’s decision, mentioning that Ripple had two options: either to forgo its appeal or continue to contest the ruling. He assured stakeholders that, regardless of the course taken, “XRP’s legal status as not a security remains unchanged,” allowing Ripple’s operations to continue without disruption.
The court’s ruling clarified that while Ripple’s programmatic sales of XRP were found to not constitute securities transactions, the same could not be said for its institutional sales.
XRP Ledger Introduces Significant Upgrade Amid Growing Interest
In related news, RippleX, the development segment of Ripple, has launched version 2.5.0 of the XRP Ledger, which brings several upgrades aimed at enhancing network functionality and security. RippleX engineer Mayukha Vadari characterized the upgrade as “possibly the best single lineup of amendments” ever implemented, theorizing it introduces crucial improvements in token management and transaction processing.
The XLS-85 amendment notably enhances the escrow system by facilitating third-party issued tokens, including stablecoins, and introduces versatile tokens designed for institutional applications. Another major change, XLS-56, permits wrapper transactions that consolidate up to eight steps into a single action, designed to decrease failure rates in complex transactions and increase efficiency for advanced use cases.
The rollout of this update coincides with a notable increase in user engagement on the XRP Ledger, with daily active addresses rising from an average of 35,000 to over 295,000.
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