Ripple Labs is strategically gearing up to counter the US Securities and Exchange Commission (SEC) by submitting its Form C. This crucial document outlines Ripple’s appeal against the SEC’s move to challenge a significant decision made by Judge Analisa Torres in 2023. Ripple is eager to clarify its stance in light of the SEC’s recent appeals concerning various facets of the ongoing case.
Ripple Executives Display Optimism Amid Legal Challenges
The SEC’s appeal comes in the wake of a district court ruling that determined Ripple’s institutional sales of XRP do not qualify as securities. This decision remains a core issue in the ongoing legal battle. FOX journalist Eleanor Terret highlighted that the SEC is attempting to contest nearly every aspect of its losses at the district court level. However, Ripple is determined to focus its appeal specifically on this ruling, asserting that the SEC’s claims misrepresent the nature of its sales.
In a recent interview conducted by Terret in Miami, Ripple CEO Brad Garlinghouse and General Counsel Stuart Alderoty conveyed their strong confidence in securing a favorable outcome from the Second Circuit Court of Appeals. Alderoty further emphasized the statistical probability of reversal in such cases, noting that parties losing at the district level typically have a less than 10% chance of a successful appeal. This optimism is reinforced by Alderoty’s belief that the Second Circuit may uphold and even strengthen Judge Torres’s ruling. “I think it will not only affirm Judge Torres; I think they will fortify her ruling,” Alderoty stated. Garlinghouse shared this sentiment, expressing his confidence by stating, “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.”
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Ripple’s CEO on the Upcoming US Election and Its Impact on Cryptocurrency
In a recent discussion with CNBC, Ripple CEO Brad Garlinghouse offered insights into the current market dynamics concerning regulations and the potential impact of the forthcoming US election on digital assets. Garlinghouse expressed a strong sense of optimism about the post-election environment, emphasizing the importance of this election for the future of cryptocurrency. He anticipates that, regardless of the election outcome, the next Congress will likely adopt a more pro-crypto and pro-innovation stance than ever before.
Garlinghouse noted that former President Trump had previously declared himself as the “crypto president,” adopting a notably pro-crypto approach early on. In contrast, Team Harris has taken a more nuanced approach, yet recently made some of their most constructive comments regarding cryptocurrency. Garlinghouse highlighted Harris’s background in Silicon Valley, underscoring her longstanding support for technology. While she has been relatively quiet on crypto-related issues, he anticipates a regulatory reset, irrespective of the election’s result.
“No matter what happens, we’re going to leave behind a failed approach from the Biden administration,” he asserted, citing the SEC’s actions as part of a broader antagonism 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.”
XRP Market Performance and Future Prospects
The current market landscape shows XRP experiencing price consolidation. As of the latest data, XRP is trading at $0.53. This stability in XRP’s pricing could be indicative of the market’s anticipation of the legal outcomes and potential regulatory shifts post-election. Investors and crypto enthusiasts are closely monitoring the developments, as they could significantly influence XRP’s future performance and the broader cryptocurrency market.
