SEC may have to wait ‘years’ to file appeal in Ripple case: Brad Garlinghouse

Ripple CEO Brad Garlinghouse believes that the United States Securities and Exchange Commission (SEC) will face a long process before getting a chance to appeal Judge Torres’ favorable ruling in the case against Ripple.

On July 13, Judge Torres partially ruled in favor of Ripple Labs in a case brought forth by the Securities and Exchange Commission in 2020, ruling that XRP (XRP) tokens are not eligible for retail sales on digital asset exchanges. Not a security.

However, Torres ruled that XRP is a security when sold to institutional investors, as it meets the conditions set forth in the Howe Test.

in one Interview On July 15, with Bloomberg, Garlinghouse said that the institutional sale was “the tiniest part” of the lawsuit, and that if the SEC were to file an appeal against the retail sale, it would “only further strengthen” the decision made by Judge Torres. Will do

Garlinghouse said filing an appeal with the SEC could take some time.

“In terms of law, the law of the land right now is that XRP is not a security. Until the SEC has a chance to file an appeal, which will likely take years, clearly we’re very optimistic.

Garlinghouse emphasized that this is the “first time” that the SEC has “lost” a crypto case. He believes this is because the SEC has been “bullying” and went after “vulnerable players” who “were not able to mount a proper defense.”

He also noted that when the case against Ripple was first filed, the attitude of a lot of crypto exchanges in the US was to “see what happens” due to the uncertainty.

Connected: XRP Is Reigning a ‘Watershed Moment’, But We’re Not Out of the Crisis Yet – Lawyers

According to Garlinghouse, this is because the SEC created confusion in the market.

He added, “They knew there was confusion, and they actually did things they knew would add to the confusion.”

We said in December 2020 that we were on the right side of the law, and will remain on the right side of history. Thank you to everyone who helped us reach today’s decision – that’s it for all crypto innovation in America. more to come.

— Brad Garlinghouse (@bgarlinghouse) 13 July 2023

He added that this “confusion” actually turns out to be “power” for the SEC, but it has prevented innovation from happening in the US.

“The SEC is really trying to put power and politics over providing proper policy and clear rules of the road,” he said.

“So that entrepreneurs and investors can participate in this amazing new market around crypto and blockchain technologies.”

magazine: XRP is not a security, Celsius CEO arrested on criminal charges, and more: Hodler’s Digest, July 9-15