There has been a new development in the SEC-Ripple case, with the SEC appealing Judge Analisa Torres’ decision last July that XRP sold on public crypto exchanges was not a security.
While this appeal move by the SEC made a big splash on the Ripple front, Ripple CEO Brad Gralinghouse also commented.
Brad Garlinghouse, who started by stating that he will fight against the SEC in court until the end, said that the SEC still does not realize that they lost and Ripple won.
The famous CEO stated that the SEC did not protect investors in any way in the lawsuit they filed against Ripple, but instead damaged the credibility and reputation of the SEC.
Noting that XRP’s status as a non-security asset has been established under existing law, Garlinghouse added that despite the misguided and frustrating objections, XRP’s legal status will not change.
“If Gensler and the SEC were sensible, they would have walked away from this case long ago. It certainly did not protect investors and instead damaged the credibility and reputation of the SEC.
Somehow, they still haven’t gotten the message: the SEC has lost everything that matters, Ripple, the crypto industry, and the rule of law have already prevailed.
We will fight in court for as long as we need to, but let's be clear: XRP's status as a non-security asset is the law today, and that will not change, despite these misguided and frustrating objections.
(Recall that when the SEC filed an unsuccessful “interlocutory appeal,” they made it clear that they had no intention of challenging XRP’s non-security status.)
*This is not investment advice.