Ripple CEO Predicts Long Wait for SEC Appeal in Ripple Case
Ripple CEO Brad Garlinghouse believes that it will take the U.S. Securities and Exchange Commission (SEC) “years” to file an appeal following Judge Torres’ ruling on the Ripple case. In an interview with Bloomberg, Garlinghouse did not provide any specific details about this claim.
Key Points:
- Judge Torres ruled that XRP is not a security when sold on digital asset exchanges to retail investors.
- XRP qualifies as a security when sold to institutional investors, according to the Howey Test criteria.
- Garlinghouse sees the ruling on institutional sales as a minor aspect of the lawsuit.
- He believes that an appeal by the SEC would only further solidify Judge Torres’ decision.
- Garlinghouse accuses the SEC of targeting weaker players in the crypto industry and acting as a bully.
Garlinghouse argues that the SEC’s actions have created uncertainty and hindered innovation in the U.S. crypto market. He believes that the SEC’s focus on power and politics has overshadowed the need for clear regulatory guidelines. While the impact on XRP’s performance is a concern, the broader issue is the regulatory clarity needed in the crypto industry.
Hot Take:
The Ripple CEO’s prediction of a long wait for the SEC’s appeal highlights the potential delays and uncertainties in the legal proceedings surrounding cryptocurrencies. This case and its implications for regulatory clarity will continue to be closely watched by the crypto community.
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