As a seasoned observer and analyst with years of experience in the financial industry, I find myself deeply intrigued by the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The tenacity shown by Ripple’s CEO, Brad Garlinghouse, is commendable, especially when one considers the substantial resources they have invested in this lengthy courtroom drama.
As a researcher reporting on the matter, I can share that Brad Garlinghouse, CEO of Ripple, expressed his intention to take legal action for as long as necessary, in response to the U.S. Securities and Exchange Commission’s decision to appeal.
The 53-year-old Ripple boss described the appeal as “infuriating” and “misguided.”
Garlinghouse has voiced his dissatisfaction over the SEC seemingly taking actions without any repercussions or consequences for them. He also stated that they don’t appear to be acting logically from an economic standpoint. It seems there might be something more going on than what meets the eye. In time, the truth and any potential corruption will eventually be exposed, he added.
It’s significant to point out that, according to reports, Ripple has allegedly shelled out over $200 million in legal costs during its ongoing battle with the SEC.
According to U.Today’s report, the Securities and Exchange Commission (SEC) submitted an appeal on Wednesday, which could negatively impact the value of XRP.
As a crypto investor, I’m keeping an eye on recent developments regarding the SEC’s potential appeals. At this point, it’s unclear exactly which decision they might challenge, but it could involve the July 2023 ruling that differentiated institutional sales from programmatic ones.
Alternatively, they might challenge the court’s decision on the verdict made in August. In this ruling, Ripple was instructed to pay a penalty worth $125 million. Despite being substantial, this figure pales in comparison to the original $2 billion fine that the SEC had initially proposed.
According to Garlinghouse, it’s established that XRP‘s legal standing is settled law, and he is optimistic that the SEC’s appeal won’t alter this.
Stuart Alderoty, Ripple’s top legal representative, expressed his disappointment with the SEC’s decision to appeal, and stated that they are presently considering whether or not to submit a counter-appeal in response.
Additionally, Aldeortoty noted that the resignation of Gurbir Grewal as the SEC’s Enforcement Director occurred concurrently with the SEC’s decision to file an appeal.
According to legal expert Fred Rispoli, it’s unlikely we’ll receive a decision from the Court of Appeals for the Second Circuit before early 2026.
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2024-10-03 08:37