Ripple CEO Takes a Stand: Calls SEC’s Interlocutory Appeal Utter Nonsense
The post Ripple CEO Takes a Stand: Calls SEC’s Interlocutory Appeal Utter Nonsense appeared first on Coinpedia Fintech News
Ripple’s response to the SEC’s anticipated interlocutory appeal is breaking headlines. Let’s take a detailed look at the unfolding events.
The Verdict That Set the Stage
The legal battle between Ripple and the SEC over whether XRP should be classified as security led to a landmark ruling:
Institutional Sales: These were deemed as securities under the Howey test.
Programmatic Sales and Other Distributions: These were not considered securities.
This unprecedented, bifurcated decision has now set the stage for the next phase of the legal battle: the SEC’s interlocutory appeal and Ripple’s filed opposition.
Reminder – the request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate / trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense. 1/2 https://t.co/pG7z0jsjlt
— Brad Garlinghouse (@bgarlinghouse) August 16, 2023
Also Read – Ripple Vs SEC Saga Continues: Ripple Files Opposition to Regulatory Appeal
Ripple’s Response: A Three-Fold Opposition
Eleanor Terret, a journalist at Fox Business, broke the news of Ripple’s response, outlining the company’s opposition letter on the following grounds:
No Controlling Question of Law: The Court’s Order doesn’t hinge on a pivotal legal question.
No Substantial Ground for Difference of Opinion: According to Ripple, there’s no disagreement that justifies the appeal.
No Benefit to Immediate Appeal: An immediate appeal is seen as futile in advancing the case.
Legal Minds Analyze
James K. Filan, a defense lawyer, emphasized the significance of Ripple’s opposition to the appeal. Meanwhile, Jeremy Hogan, another lawyer following the case, considered Ripple’s arguments solid but left room for the appeal to open new legal doors.
John Deaton, the founder of CryptoLawUS, lauded Ripple’s response, hinting at the influence of the Rakoff ruling on the decision and predicting Judge Torres might deny the SEC’s request.
Also Read – Institutions Buy XRP for Business, Not Investment: Bill Morgan Urges Ripple to Appeal SEC Ruling
Ripple Executives Stand Firm
Stuart Alderoty, CLO of Ripple expressed unyielding defiance against the SEC’s appeal. And then there’s Ripple’s CEO, Brad Garlinghouse, standing strong in the face of adversity, calling the SEC’s claims “utter nonsense.” That’s the kind of backbone you don’t often see.
Now, why should you care about a legal tiff between Ripple and the SEC? Because this isn’t just about XRP or digital assets. This is a story about overreach and pushing back. It’s a lesson in how the government reacts when something new challenges the status quo.
If Ripple’s successful, it won’t just be a win for them or for XRP holders. It’ll be a victory for innovation, and a slap in the face to the bureaucracy that too often stifles creativity and entrepreneurship.
Filed under: Bitcoin - @ August 17, 2023 7:12 am