However, Ripple is moving in a different direction. Garlinghouse said, “This is an industry that will finally be able to thrive in the United States, the world's largest economy," hinting at acquisitions to further increase its influence in the blockchain market.

Ripple CEO Brad Garlinghouse said Wednesday that the SEC is no longer pursuing its appeal in the case against the payments company.

Ripple is the technology company that developed XRP (CRYPTO: XRP), the digital currency native to the XRP Ledger. Ripple uses that blockchain platform to offer cross-border payment solutions to banks and other financial institutions like merchant services providers.