Ripple Labs CEO Brad Garlinghouse has vowed to continue battling the U.S. Securities and Exchange Commission (SEC) after the regulator filed an appeal in its ongoing lawsuit against the company. In an October 2 post on X (formerly Twitter), Garlinghouse expressed his frustration with the SEC\u2019s persistence, stating that the regulator “lost on everything that matters.”<\/p>\n\n\n\n
Garlinghouse emphasized that Ripple remains committed to fighting the appeal in court, stating, \u201cWe\u2019ll fight in court for as long as we need.\u201d He reiterated that XRP\u2019s status as a non-security has already been established by the courts, calling the SEC\u2019s appeal “misguided” and “infuriating.”<\/p>\n\n\n\n
This appeal comes after a significant ruling in July 2023, when New York District Court Judge Analisa Torres declared that XRP is not a security when sold on public crypto exchanges. However, the judge also ruled that XRP sold to institutional investors should have adhered to securities laws, giving the SEC a partial victory. Ripple was fined $125 million for its institutional XRP sales, but the fine has been stayed as the appeal process moves forward.<\/p>\n\n\n\n
Ripple\u2019s Chief Legal Officer, Stuart Alderoty, echoed Garlinghouse\u2019s sentiments, calling the SEC\u2019s appeal \u201cdisappointing, but not surprising.\u201d He indicated that Ripple is considering a cross-appeal, further stating that the SEC\u2019s lawsuit has been “irrational and misguided from the start.” Alderoty reaffirmed that Ripple is prepared to defend its position again in the appellate court.<\/p>\n\n\n\n
The appeal process is expected to stretch on for years. Fred Rispoli, a lawyer and founder of Hodl Law, shared a timeline on X, estimating that the Second Circuit appeals court may not deliver a ruling until early 2026. According to Rispoli, briefs from both the SEC and Ripple will likely be filed early in 2025, with responses due by March of that year. Oral arguments are anticipated by September or October 2025, leaving a potential ruling in early 2026.<\/p>\n\n\n\n
XRP\u2019s price has reacted negatively to the news, falling 10.2% over the last 24 hours to around $0.53. This decline underscores market concerns about the ongoing legal battle and its potential impact on Ripple and XRP\u2019s future.<\/p>\n\n\n\n
Despite the legal uncertainties, Garlinghouse and Ripple remain confident in their defense, underscoring that XRP\u2019s status as a non-security is already \u201cthe law of the land.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Ripple Labs CEO Brad Garlinghouse has vowed to continue battling the U.S. Securities and Exchange Commission (SEC) after the regulator filed an appeal in its ongoing lawsuit against the company. In an October 2 post on X (formerly Twitter), Garlinghouse expressed his frustration with the SEC\u2019s persistence, stating that the regulator “lost on everything that […]<\/p>\n","protected":false},"author":13,"featured_media":6264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[259],"tags":[],"class_list":{"0":"post-11617","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altcoins"},"acf":[],"yoast_head":"\n