Ripple CEO Brad Garlinghouse vowed to fight the SEC’s appeal in court, calling it “infuriating” and “misguided.”
In his Thursday statement regarding the U.S. Security and Exchange Commission‘s appeal, Ripple CEO Brad Garlinghouse declared that his company would continue to litigate in court for “as long as it is necessary.”
The appeal was deemed “misguided” and “infuriating” by the 53-year-old Ripple chief. Garlinghouse has expressed dissatisfaction with the SEC’s actions as “without recourse or consequence” for them, stating that they are not rational economic actors. “…certainly generates the impression that there is a deeper meaning to this than what is immediately apparent.” He stated, “The truth – and the corruption – always come to light eventually.”
The XRP price was dealt a substantial setback on Wednesday when the SEC filed a notice of appeal, as reported by U.Today.
The SEC has not specified the specific issue to which it intends to appeal, which suggests that it may pursue the July 2023 ruling that differentiated institutional sales from programmatic sales. Additionally, they could appeal the court’s final judgment from August.
Ripple was required to pay penalties totaling $125 million. Although this quantity is substantial, it is still a significantly smaller sum than the SEC’s initial $2 billion demand. However, Garlinghouse maintains that the legal status of XRP is already established, and he is certain that the SEC’s appeal will not alter this.
Stuart Alderoty, Ripple’s chief legal officer, characterized the SEC’s appeal as “disappointing.” He also stated that the company is in the process of determining whether or not to submit a cross-appeal.
Aldeortoty also noted that Gurbir Grewal, the SEC’s enforcement director, departed with the SEC’s appeal. According to legal expert Fred Rispoli, a ruling from the Court of Appeals for the Second Circuit is not anticipated until early 2026.
