Ripple's CEO has expressed that the company is willing to take its legal battle with the US Securities and Exchange Commission (SEC) over XRP to the Supreme Court.
In a recent development that many perceived as a setback for the SEC's jurisdiction, a federal judge ruled in July that the sale of XRP to individual investors on exchanges did not constitute an investment contract. “We would like to see the possibilities of how this plays out,” Ripple CEO Brad Garlinghouse said about the possibility of the Supreme Court eventually taking action.
Garlinghouse made the remarks during an interview with Bloomberg Television's Kailey Leinz at the DC Fintech Week event. Garlinghouse emphasized Ripple's determination to see the case through to completion, but did not rule out the possibility that the case would eventually be resolved.
Last month, the SEC surprisingly asked the judge to throw out parts of the lawsuit it filed against Ripple co-founder Christian Larsen and Garlinghouse. However, the SEC may appeal the judge's decision in July more broadly.
At the same event, SEC Chairman Gary Gensler expressed pride in the agency's enforcement efforts in the crypto space. Under him and previous administrations, the market watchdog filed nearly 150 cryptocurrency lawsuits. Gensler emphasized the consistency of the court decisions on the issue and said, “If the investing public is investing based on the efforts of this joint venture, then explain to them.”
*This is not investment advice.