SEC require a long time process to get a chance to appeal against Ripple
Ripple’s CEO hinted that there are some probabilities where the American securities regulatory body may appeal in the XRP lawsuit but confirmed that it will take a long time for the SEC body.
Just a couple of days ago, the court judge declared that Ripple’s native crypto coin XRP is not a security and with that statement, Ripple secured a very big victory against the United States Securities Exchange Commission (SEC)’s charges. Following the lawsuit outcome, the majority of the US-based crypto companies re-listed XRcoin on their respective Crypto trade platforms.
On 15 July 2023, Ripple CEO Brad Garlinghouse appeared in an interview with Bloomberg. In the interview, Garlinghouse denied that the Institutional sale of XRP coin was a small piece of the lawsuit. That means, the direct sale of XRP coin to the institutional investors by Ripple is still a very big part of the ongoing Ripple vs SEC battle and probably Ripple will face a penalty for this.
On the nature of the XRP coin, which is a non-security crypto token as per latest court rule, Garlinghouse said that the SEC may again restart the case against Ripple over the nature of the XRP coin but as per laws it will take a huge time & long process.
Furthermore, Ripple’s boss said that Ripple’s legal experts are optimistic in this situation and probably it will take around years of time for the SEC to challenge the court decision.
“As a matter of law, the law of the land right now is that XRP is not a security. Until there is an opportunity for the SEC to file an appeal, which would take years, frankly we are very optimistic,” Garlinghouse said.
According to Garlinghouse, it was the first time in the history when the SEC agency lost a legal battle against the crypto firm. It is because the SEC body always targeted weak players of this innovative sector and the majority of the defendants were not able to defend themselves.
Furthermore, Garlinghouse explained that there was huge regulatory uncertainty in the US jurisdiction for this innovative sector, before the lawsuit against Ripple, and also the SEC body was aware of that situation.
After the SEC’s suit against Ripple, huge regulatory uncertainty came to light and the majority of the crypto companies were waiting to see the outcome.
Read also: JPMorgan Believes XRP Lawsuit Outcome Will Help Coinbase Against SEC
