Ripple CEO Brad Garlinghouse stated that his company would fight in court “as long as it needs” in his Thursday statement regarding the U.S. Security and Exchange Commission’s appeal.
The 53-year-old Ripple boss described the appeal as “infuriating” and “misguided.”
Garlinghouse has expressed his frustration about the SEC acting “without recourse or consequence” for them, adding that they are not a rational economic actor. “…certainly feels like there is something more behind this than what is readily apparent. The truth – and the corruption – always comes to light eventually,” he said.
It is worth noting that Ripple reportedly spent more than $200 million on its legal fees while fighting the SEC.
As reported by U.Today, the SEC filed a notice of appeal on Wednesday, delivering a significant blow to the XRP price.
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The SEC has not stated which particular issue it plans to appeal, meaning that they could go after the July 2023 ruling that distinguished institutional sales from programmatic sales.
They could also appeal the court’s final judgment from August. Ripple was ordered to shell out $125 million worth of penalties. While this sum is significant, it is still a much smaller amount of money compared to the SEC’s initial $2 billion demand.
That said, Garlinghouse insists that XRP’s legal status is already the rule of the land, and he is confident that the SEC’s appeal is not going to change that.
Stuart Alderoty, Ripple’s chief legal officer, described the SEC’s appeal as “disappointing,” adding that the company is currently evaluating whether or not it should file a cross appeal.
Aldeortoty also mentioned that the departure of Gurbir Grewal, the SEC’s enforcement director, coincided with the SEC’s appeal.
Legal expert Fred Rispoli has stated that he does not expect a ruling from the Court of Appeals for the Second Circuit until early 2026.
