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Ripple Labs is poised to respond to the US Securities and Exchange Commission (SEC) with the filing of its Form C, outlining its appeal against the regulatory body’s efforts to overturn a pivotal ruling by Judge Analisa Torres in 2023. This filing comes as Ripple seeks to clarify its position following the SEC’s recent appeals regarding various aspects of the case.
Ripple Executives Project Optimism
The SEC’s appeal follows a district court ruling that Ripple’s institutional sales of XRP did not qualify as securities, a key point of contention in the ongoing litigation.
As FOX journalist Eleanor Terret pointed out, the SEC has attempted to challenge almost every aspect of its losses at the district court level. Still, Ripple intends to focus its appeal on this ruling, arguing that the SEC’s allegations misrepresent the nature of its sales.
In an interview in Miami last week by Terret, Ripple CEO Brad Garlinghouse and General Counsel Stuart Alderoty expressed their strong confidence in a favorable outcome in the Second Circuit Court of Appeals.
Alderoty further noted the statistical likelihood of reversal in such cases, indicating that when a party loses at the district level, the chances of a successful appeal are typically around 10% or lower.
Alderoty’s optimism is bolstered by his belief that the Second Circuit may uphold Judge Torres’s ruling and extend it further. “I think it will not only affirm Judge Torres; I think they will fortify her ruling,” he stated. Garlinghouse echoed this confidence, saying:
I am so confident that we’re going to win the appeal, and that would really put a dagger in Gary Gensler’s whole agenda around crypto regulation.
Garlinghouse Weighs In Un US Election Impact
In a recent conversation with CNBC, Ripple CEO Brad Garlinghouse also weighed in on the current state of the market concerning regulations and the potential shifts the upcoming US election could bring to digital assets.
Ripple’s CEO expressed strong optimism about the post-election landscape, stating that this election is crucial for the future of cryptocurrency. Garlinghouse believes that regardless of the outcome, the next Congress will likely be more pro-crypto and pro-innovation than ever.
Trump came out early and “very aggressively” in a pro-crypto manner, declaring himself the “crypto president,” Garlinghouse noted. He acknowledged that Team Harris has taken a more nuanced approach, but he pointed out that this week they made some of their most constructive comments regarding cryptocurrency.
Garlinghouse highlighted Harris’s background in Silicon Valley, emphasizing her general support for technology over the years. While she has been relatively quiet on crypto-related issues, he anticipates a reset in the regulatory environment, regardless of the election’s outcome.
“No matter what happens, we’re going to leave behind a failed approach from the Biden administration,” he stated, citing the SEC’s actions as part of a broader hostility toward crypto. Garlinghouse concluded:
Regardless of what happens in this next election, we will have a reset. We can debate the magnitude of that reset, and there’s lots of disagreement about that, but we’re going to see forward progress, and I certainly am looking forward to that.
At the time of writing, XRP trades at $0.53.
Featured image from DALL-E, chart from TradingView.com
