The SEC may take ‘years’ before filing an appeal in the Ripple case as per Brad Garlinghouse
To hear it from Ripple CEO Brad Garlinghouse, the SEC’s appeal of Judge Torres’ ruling that XRP is not a security would “only further” strengthen that ruling.
According to Ripple CEO Brad Garlinghouse, the United States Securities and Exchange Commission’s (SEC) appeal of Judge Torres’s favourable verdict in the lawsuit against Ripple will be a lengthy procedure.
But according to Torres, XRP is security if sold to institutions since it passes the Howey Test. In an interview with Bloomberg on July 15, Garlinghouse said that the judge’s verdict on retail sales was “only further” solidified by an appeal from the SEC and that he considered the judge’s order on institutional sales to be “the smallest piece” of the dispute.
According to Garlinghouse’s estimations, It may take some time for the SEC to submit an appeal. Legal experts agree that XRP is not a security under current regulations. Since the SEC would need years to prepare an appeal, we are hopeful in the meanwhile.
For the first time, Garlinghouse stressed, the SEC had been defeated in a “crypto case.” He criticised the SEC for acting like “a bully” and targeting “weak players” in the cryptocurrency market who couldn’t “mount a proper defence.”
He said that many American cryptocurrency exchanges took a “wait and see” approach when the complaint was first brought against Ripple.
They were aware of the misunderstanding and intentionally took steps to compound it, he said. According to Garlinghouse, this “confusion” masquerades as “power” to the SEC, but it has stifled innovation in the United States.
He said that the SEC’s “trying to put politics and authority over what is really just sound policy and establishing clear rules of the road” has made it difficult for U.S. businesses and investors to take part in the cryptocurrency market and blockchain technology.
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