Ripple Ends Appeal To Focus On Building Internet Of Value Via XRP Ledger

• Ripple said it would comply with the District Court’s ruling and abandon its appeal to focus on building Internet of Value through XRP Ledger.
• A survey revealed that almost 74% favored Ripple dropping its appeal in the SEC case.

Judge Analisa Torres of the Second District Court of New York recently denied the joint motion of the US Securities and Exchange Commission (SEC) and Ripple Labs for an indicative ruling on their case following their settlement agreement. The event on Thursday generated mixed emotions within the cryptocurrency community, with many worried that it could stretch the lawsuit further in the Court of Appeals and even in the Supreme Court if the appellate court’s decision is unfavorable to both or one of the parties of the case.

In an interesting development, Ripple has stated that it’s ready to abide by the lower court’s verdict and abandon its appeal. That way, it could move on to more important matters. The company also expects the SEC to do the same.

XRP Ledger to Focus on Building Internet of Value

Brad Garlinghouse, CEO of Ripple, informed people on X about the future direction of his company in the aftermath of the landmark case. According to him, the move will enable them to focus on unlocking more Internet of Value (IoV) within the XRP Ledger (XRPL) ecosystem.

ADVERTISEMENT“Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously said,” Garlinghouse revealed. “We’re closing this chapter once and for all, and focusing on what’s most important–building the Internet of Value. Lock in.”

IoV synergizes with the concepts of blockchain, the Internet of Things (IoT), and artificial intelligence (AI). It envisions the Internet having a more vital role in the seamless and efficient conveyance of value, such as money or other assets, similar to the way it advances the transfer of information. The process incorporates elements including but not limited to decentralization, real-time transactions, reduced costs, increased accessibility, enhanced security, and real-world asset (RWA) tokenization to carry out its goals.

Furthermore, IoV holds vast potential in the disruption of conventional finance, supply chains, real estate ownership, digital identities, and voting systems.

ADVERTISEMENT## Public Sentiment on the Latest Developments Within the SEC and Ripple Case

Digital Assets Daily’s poll on the social media platform seemingly influenced Garlinghouse’s response. The survey asked the public whether Ripple should proceed or end its appeal after Torres’ decision. Around 74% of over 5,000 respondents favored the latter, which the company’s CEO immediately acknowledged.

“The 74% of you that clicked ‘End the Case’ were right!” Garlinghouse commented.

The SEC will file its report about the Ripple case at the Court of Appeals in August.

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