Ripple CEO Breaks Silence on Cross-Appeal Strategy
Ripple CEO Brad Garlinghouse has recently addressed the company’s decision to file a cross-appeal in its ongoing legal battle with the SEC. Earlier in October, the SEC filed an appeal against a ruling that ordered Ripple to pay a $125 million civil penalty for its XRP sales—far less than the $2 billion initially sought by the regulator. In response, Ripple announced yesterday that it had filed a cross-appeal against Judge Torres’s final judgment from August 7, 2024.
In a recent tweet, Garlinghouse reiterated his stance, expressing his frustration with the SEC’s approach. He argued that if SEC Chairman Gary Gensler and the agency truly valued the rule of law, they would have accepted their defeat and moved on. "But they are not interested in faithfully applying the law or providing clarity to the industry," Garlinghouse stated.
Garlinghouse went on to criticize the SEC’s motives: "Under Chair Gensler, the agency seems more focused on causing disruption—disregarding the innovation and technological progress happening in the U.S." He further explained Ripple’s reasoning behind the cross-appeal, stating, "With our cross-appeal, we're looking to seal the SEC's fate and put an end to their regulation-by-enforcement tactics."
Garlinghouse expressed confidence that Ripple would once again lead the industry in setting legal precedents: "Ripple was the leader during the first court battle, and we’re prepared to lead again in this new phase."
Meanwhile, Ripple's chief legal counsel, Stuart Alderoty, underscored that the SEC’s initial appeal came after it lost on all major points, prompting the regulator to challenge the decision.
Bitnomial Takes Legal Action Against the SEC Over XRP Futures
In a related development, crypto derivatives exchange Bitnomial has filed a lawsuit against the SEC over its authority regarding XRP futures contracts. As reported by FOXBusiness, Bitnomial, which is regulated by the Commodity Futures Trading Commission (CFTC), submitted a filing for an XRP U.S. Dollar Futures contract in August. Shortly after, the SEC intervened, claiming that XRP futures fall under "security futures," making them subject to joint regulation by both the SEC and CFTC. The SEC warned that Bitnomial would be violating federal securities laws if it moved forward with the listing.
This lawsuit marks the second legal challenge against the SEC in a week. Earlier, Crypto.com also sued the agency, accusing it of overstepping its authority by declaring that nearly all crypto assets are securities.
Ripple's battle against the SEC, combined with these new lawsuits, could significantly impact the regulatory landscape for the crypto industry.
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