Bitrabo Editorial
Ripple Labs is gearing up to file its Form C in response to the US Securities and Exchange Commission (SEC). This filing will detail its appeal against the SEC’s attempts to reverse a key ruling made by Judge Analisa Torres in 2023. This action comes as Ripple seeks to clarify its stance after the SEC’s recent appeals regarding multiple elements of the case.
Optimistic Outlook from Ripple Leadership
The SEC’s appeal follows a district court decision that concluded Ripple’s institutional XRP sales are not securities, a crucial point in the ongoing legal dispute.
According to FOX journalist Eleanor Terret, the SEC has aimed to challenge nearly every aspect of its losses in district court. Nevertheless, Ripple plans to concentrate its appeal on this specific ruling, asserting that the SEC has misunderstood the nature of its sales.
In a recent interview in Miami, Ripple CEO Brad Garlinghouse and General Counsel Stuart Alderoty shared their firm belief in a successful outcome in the Second Circuit Court of Appeals.
Alderoty emphasized the statistical chance of reversal for cases like this, mentioning that a party defeated at the district level usually has about a 10% chance or less to win on appeal.
He confidently predicted the Second Circuit might not only uphold Judge Torres’s decision but also reinforce it further. “I believe they will not only affirm Judge Torres; but also strengthen her ruling,” he noted. Garlinghouse mirrored this confidence, stating:
I am extremely confident in our chances of winning the appeal, which would significantly undermine Gary Gensler’s approach to cryptocurrency regulation.
Garlinghouse Comments on US Elections
In a recent interview with CNBC, Garlinghouse discussed the current regulatory climate and how the upcoming US elections might influence the digital asset landscape.
The CEO conveyed a positive outlook for the post-election environment, asserting that this election is pivotal for the future of cryptocurrencies. Garlinghouse believes that no matter the winner, the next Congress will likely adopt a more pro-cryptocurrency and innovation-friendly stance.
He noted that Trump has emerged with a strong pro-crypto stance, labeling himself the “crypto president,” while mentioning that Team Harris has taken a more balanced approach but recently made some of their most constructive remarks on cryptocurrency.
Garlinghouse emphasized Harris’s connections to Silicon Valley and her longstanding support for technological advancement. Although she has been less vocal about crypto, he anticipates a shift in the regulatory framework regardless of the election results.
“Whatever the outcome, we will move on from the failed strategies of the Biden administration,” he remarked, referring to the SEC’s moves as part of a broader antagonism toward cryptocurrencies. Garlinghouse concluded:
No matter what happens in the forthcoming election, a reset is inevitable. We can discuss the extent of this reset, and there might be differing opinions on that, but we are poised for progress, which I am eagerly anticipating.
As of now, XRP is trading at $0.53.
Image credit: DALL-E, chart credit: TradingView.com