RippleintendstocountertheSEC,submittingitsFormCcivilappealtoday.Theblockchain-baseddigitalpaymentnetworkwillparticularlychallengethecourt’spreviousrulingonitsXRPinstitutionalsales,wantingclarityoverthetoken’sclassification.
Ripple’sexecutivesanticipatepositiveresultsfromtheSecondCircuit’sruling
OnAugust7,DistrictJudgeAnalisaTorresruledthatRipple’sprogrammaticsalesofXRPtoretailcustomersdidnotbreachfederalsecuritieslaws,concludingthatXRPisnotasecurity.TheSecurityandExchangesCommissiondissatisfiedwiththecourt’sruling,filedanappealtohaveXRPtreatedasasecurity.
Today,RippleisalsoexpectedtosubmititsFormCappealtotheUSCourtofAppealsfortheSecondCircuit.TheappealwillfocusontheDistrictCourt’srulingonitsinstitutionalsales,whichwereconsideredunregisteredsecuritiestransactions.
TheFormCfiling,however,hasRipple’sexecutivesBradGarlinghouseandStuartAlderotyoptimistic,eyeingawinovertheUScommission.
BradGarlinghousetoldJournalistEleanorTerrett:
Iamsoconfidentthatwe’regoingtowintheappeal,andthatwouldreallyputadaggerinGaryGensler’swholeagendaaroundcryptoregulation.Honestly,Ellie,I’mnotlosinganysleepoveritatall.I’msoconfidentaboutitbecauseIbelievewe’reontherightsideofthelaw.Ithinkwe’reontherightsideofhistory.
~BradGarlinghouse
StuartAlderotyalsosharedthesameconvictionswithGarlinghouse,believingtheywouldaddanotherwinovertheregulator.AlderotyarguedthattheSecondCircuithasatrackrecordofbeingcriticalofregulatorsandregulatoryoverreachraisingtheirwinningchances.
RippleLabsfeelsitshouldhavespokentoUSregulatorsmuchearlier
AttheDCFintechWeekconference,Ripple’sCEOBradGarlinghousetoldCNBC’sTanayaMacheelthathefeelshisnetworkshouldhavereachedouttoregulatorssooner.HeclaimedhisnetworkmadeamistakebydelayingdiscussionswiththeUScommissionandisonlynowtryingtorecoverfromitslossesandlegalchallenges.
However,GarlinghousedidblameSECchairGaryGenslerforthelateintroductionofcryptoregulationsintheUnitedStates,arguingthathebroughtuphurdlesfordigitalassets.HeevencalledoutSenatorElizabethWarrenformisrepresentingfactsoncryptocurrenciesand,inoneofhisposts,sharedhissupportforRepublicancandidateJohnDeatoninstead.
cryptopolitan.com