Ripple CEO Brad Garlinghouse is Prepared to Go to Supreme Court to Fight SEC Lawsuit
Ripple CEO Brad Garlinghouse recently revealed that the company is ready to fight the Securities and Exchange Commission (SEC) in the Supreme Court after spending over $150 million on its legal defense. Speaking to Bloomberg Television, Garlinghouse expressed his confidence in Ripple’s position and stated that the company is in the fight until the end.
The Legal Battle between Ripple and the SEC
The SEC filed a lawsuit against Ripple in 2020, accusing the company of violating securities laws by selling the XRP token without registering it as a security. The outcome of the case could set an important legal precedent for the regulation of cryptocurrencies. However, in July 2021, Ripple scored a significant victory when a federal judge ruled that the company’s sales of XRP to retail investors did not qualify as investment contracts, dealing a blow to the SEC’s case. The SEC swiftly appealed this part of the judge’s order, arguing that this ruling sets a dangerous precedent for the application of securities laws to cryptocurrencies.
Ripple has consistently denied any wrongdoing and has vowed to fight the SEC’s case to the end. Brad Garlinghouse has expressed confidence in Ripple’s position and has not ruled out eventually settling with the SEC. In September 2021, the SEC dropped parts of the case directly against Garlinghouse and Ripple co-founder Chris Larsen, but the agency may still appeal the broader July decision. The judge has ordered both sides to propose next steps in the case by November 9th.
Implications for the Crypto Industry
The outcome of the Ripple lawsuit has major implications for the regulation of cryptocurrencies, as it will determine the extent of the SEC’s authority in the sector. If Ripple wins the case, it could set a precedent for other cryptocurrency firms facing similar lawsuits. Conversely, if the SEC wins, it could restrict the growth of the crypto industry and make it more difficult for new companies to enter the market.
Ripple CEO Brad Garlinghouse’s announcement that the company is prepared to take its legal battle with the SEC to the Supreme Court indicates the seriousness of the issue. The outcome of the case will have far-reaching implications for the entire crypto industry, and it is one of the most closely watched legal battles in the sector’s history. As the case continues to unfold, the crypto industry and investors will be watching intently to see how it plays out and what impact it will have on the future of cryptocurrencies.
Originally Post From https://cryptobriefing.com/ripple-ceo-eager-sec-supreme-court-fight/
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