Ripple Labs is ready to respond to the US Securities and Exchange Commission (SEC) with the filing of its filing Form Coutlining the appeal against the regulatory body’s attempts to overturn a pivotal ruling by Judge Analisa Torres in 2023. This filing comes as Ripple seeks to clarify its position following the SEC’s recent calls regarding several aspects of the case.
Ripple Executives Project Optimism
The SEC’s appeal follows a ruling of the subdistrict court judge that Ripple’s institutional sales of XRP did not qualify as securities, a major point of contention in the ongoing lawsuit.
As FOX journalist Eleanor Terret noted, the SEC has tried to challenge almost every aspect of its losses at the district court level. Still, Ripple plans to focus its appeal on this ruling, arguing that the SEC’s allegations misrepresent the nature of its sales.
In one interview Last week in Miami by Terret, Ripple CEO Brad Garlinghouse and General Counsel Stuart Alderoty expressed strong confidence in a favorable outcome at the Second Circuit Court of Appeals.
Alderoty further pointed out the statistical probability of reversal in such cases, indicating that when a party loses at the district level, the probability of a successful appeal is typically around 10% or lower.
Alderoty’s optimism is bolstered by his belief that the Second Circuit will confirm that of Judge Torres pronunciation And expand it further. “I think it will not only confirm Judge Torres; I think they will strengthen her statement,” he stated. Garlinghouse reiterated this confidence, saying:
I’m so confident that we’re going to win the appeal, and that would really put a dagger in Gary Gensler’s entire agenda around crypto regulation.
Garlinghouse weighs in on the impact of the US elections
In a recent one conversation Along with CNBC, Ripple CEO Brad Garlinghouse also weighed in on the current state of the market regarding regulations and the potential shifts the upcoming US election could bring to digital assets.
Ripple’s CEO expressed strong optimism about the post-election landscape, stating that these elections are crucial for the future of cryptocurrency. Garlinghouse believes that regardless of the outcome, the next Congress will likely be more pro-crypto and pro-innovation than ever.
Trump came out early and “very aggressively” in a pro-crypto manner, calling himself the “crypto president,” Garlinghouse noted. He acknowledged that Team Harris has taken a more nuanced approach, but he pointed out that they made some of their most constructive comments on cryptocurrency this week.
Garlinghouse highlighted Harris’ background in Silicon Valley and highlighted her general support for technology over the years. While she has been relatively quiet on crypto-related issues, he expects a reset of the regulatory environment regardless of the outcome of the election.
“Whatever happens, we will put a failed approach by the Biden administration behind us,” he stated, citing the SEC’s actions as part of a broader hostility toward crypto. Garling House concluded:
Regardless of what happens in the next election, we will have a reset. We can debate the extent of that reset, and there is a lot of disagreement about that, but we will see progress, and I certainly look forward to that.
At the time of writing it is XRP is trading at $0.53.
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