• Ripple CEO Brad Garlinghouse believes the SEC will face a prolonged process before having the chance to appeal the ruling in its case against Ripple Labs.
• Judge Analisa Torres ruled that XRP is not a security when sold on retail digital asset exchanges, but it is a security when sold to institutional investors.
• Garlinghouse criticized the SEC for being ‘a bully’ and going after players in the crypto industry who couldn’t “mount a proper defense.”
Ripple Case Update
Ripple CEO Brad Garlinghouse believes that U.S. Securities and Exchange Commission’s (SEC) could be waiting “years” to file an appeal in their case against Ripple Labs.
XRP Ruling by Judge Torres
On July 13, U.S. district court Judge Analisa Torres ruled partially in favor of Ripple, deciding that XRP is not a security when sold on retail digital asset exchanges but is considered as one when sold to institutional investors.
Garlinghouse Speaks Out
In an interview with Bloomberg on July 15, Garlinghouse dismissed the institutional sales decision as “the smallest piece” of the lawsuit and went so far as to criticize the SEC for being “a bully” and sowing confusion into the market.
Crypto Exchanges Reacted
The uncertainty caused by this lawsuit resulted in several exchanges such as Coinbase and Kraken delisting XRP altogether.
“Right Side of History”
“We said in Dec 2020 that we were on the right side of law, and will be on the right side of history,” said Garlinghouse.