SEC could wait 'years' to appeal Ripple case - Brad Garlinghouse

Ripple CEO Brad Garlinghouse says an appeal from the U.S. Securities and Exchange Commission would only strengthen the judge's decision Torres that XRP is not a security.

News Join us on social networks

Ripple CEO Brad Garlinghouse thinks the U.S. Securities and Exchange Commission (SEC) will face a lengthy process before he has the chance to appeal the decision in his case against Ripple Labs .

On July 13, U.S. District Court Judge Analisa Torres ruled partially in favor of Ripple in a 2020 SEC case, ruling that the XRP token (XRP) is not a security when 'it's sold on retail digital asset exchanges.< /p>

However, Torres also ruled that XRP is a security when sold to institutional investors, as it meets the conditions set out in the Howey test.

In an interview with Bloomberg on July 15, Garlinghouse dismissed the institutional sale decision as "the smallest piece" of the lawsuit. He believes that if the SEC were to file an appeal against the retail sales ruling, it would only further strengthen the decision made by Torres.

Although Garlinghouse thinks it may be a while before the SEC has a chance to appeal:

“In law, the law of the land right now is that XRP is not a security. very optimistic."

Garlinghouse pointed out that this was the first time the SEC had lost a "crypto case." He called out the SEC for being "a bully" and going after those in the crypto industry who couldn't "mount a proper defense." ”

He also noted that when the case against Ripple was first filed, many crypto exchanges in the United States had the attitude of waiting and "seeing what happens" due to the uncertainty. This resulted in several exchanges, such as Coinbase and Kraken, removing XRP from the list altogether.