Market News- Ripple vows to fight the SEC appeal for as long as necessary.
- Ripple’s legal team is evaluating a potential cross-appeal.
Ripple CEO Brad Garlinghouse has made it clear that Ripple will fight the U.S. Securities and Exchange Commission’s (SEC) appeal for as long as necessary. The SEC is appealing a court decision from July that ruled XRP’s programmatic sales were not securities. This ruling had been a partial win for the network in its long-standing legal battle with the SEC.
If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.
Somehow, they still haven’t gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
Garlinghouse addressed the issue on social media, reinforcing that Ripple remains committed to the fight. He mentioned that the company has confidence in its legal position and the earlier court ruling. The case originally began in December 2020, when the SEC sued Ripple for allegedly offering unregistered securities through XRP.
Ripple’s Ongoing Legal Battle
Legal expert James K. Filan pointed out that this appeal could have major implications, not only for the network but for the entire cryptocurrency market. He highlighted that the SEC’s focus is now on gaining more authority to regulate digital assets. Ripple’s legal team is expected to counter this appeal strongly.
Ripple’s legal team, led by Stuart Alderoty, has expressed strong confidence in their case against the SEC’s appeal. Alderoty recently took to social media, reinforcing the company’s stance, stating,
“The SEC’s decision to appeal is disappointing, but not surprising. This just prolongs what’s already a complete embarrassment for the agency.”
As the legal battle continues, Garlinghouse has reassured its supporters that the company is well-prepared for the next phase of the court process. He emphasized that they will continue their fight in the courts and will not back down.
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Source: https://thenewscrypto.com/ripple-vows-to-fight-sec-appeal-over-xrp-sales-ruling/