The condition for Sacks’s prediction largely did occur: Judge Torres’s July 2023 summary‑judgment ruling—finding XRP is not a security in programmatic exchange sales—survived the SEC’s interlocutory-appeal attempt and was later locked in when both sides dropped their appeals and resolved the case by settlement, leaving the favorable portions of the ruling intact.【1search1【4news13【

However, after that ruling, crypto companies as a group did not shift to a default strategy of refusing settlements. Many post‑Ripple SEC crypto enforcement actions still ended in conventional settlements:

• Bittrex and its former CEO agreed in August 2023 to settle SEC charges over operating an unregistered exchange, broker, and clearing agency, paying about $24 million.【2search0【
• ShapeShift accepted an SEC cease‑and‑desist order in March 2024 and paid a civil penalty to settle allegations it acted as an unregistered dealer.【0search0【0search2【
• Bankrupt lender Genesis Global Capital agreed in March 2024 to a $21 million civil penalty to resolve SEC charges over its lending program.【2news13【
• eToro USA (September 2024) and Silvergate Capital (July 2024) likewise entered into SEC settlements involving penalties and remedial undertakings, and the SEC’s FY 2024 enforcement report specifically highlights multiple crypto matters resolved by settlement (including BarnBridge DAO), indicating settlements remained standard.【2search1【3search0【2search3【

It is true that some large, well‑funded players—Ripple itself for years, plus exchanges like Coinbase and Kraken—chose to litigate aggressively rather than immediately settle. But these are notable exceptions, not evidence that the default industry-wide strategy flipped; the bulk of crypto defendants, especially smaller or distressed firms, continued to settle as before. Even Ripple ultimately agreed to a monetary settlement to end the case, undermining the notion that “no settlements” became the standard operating procedure.【4news12【4news13【2search6【3search1【3search3【

Because Ripple’s favorable ruling did stand but the predicted broad shift away from settlements did not materialize, the prediction is best classified as wrong.