The SEC appeal on XRP victory has sparked a strong response from Ripple CEO Brad Garlinghouse. This highlights ongoing market volatility and regulatory uncertainty in the crypto world.
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Ripple CEO Brad Garlinghouse Reacts to SEC Appeal, Addressing Market Concerns
The SEC has filed a notice to appeal Judge Torres’s July 13, 2023 ruling. This ruling partially favored Ripple and XRP. The move has raised concerns about regulatory uncertainty and potential market volatility.
Garlinghouse’s Fiery Response
Ripple CEO Brad Garlinghouse responded strongly to the SEC’s appeal. He called the action “infuriating” and “misguided” in a series of tweets.
“If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.”
“Somehow, they still haven’t gotten the message: they lost on everything that matters. Ripple, the crypto industry, and the rule of law have already prevailed.”
“While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today – and that does not change even in the face of this misguided – and infuriating – appeal.”
Legal Battle Continues
The SEC’s decision continues a long-lasting legal fight. This process started back in December of 2020. Many in the crypto community see this as a useless continuation. This just makes the regulatory landscape even more uncertain. That can’t be good for the market, right?
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Market Implications
The SEC appeal news has caused fresh volatility in the XRP market. Investors are watching closely to see how this legal move might affect XRP’s price and adoption.
What’s Next?
Both Ripple and the SEC are gearing up for the next phase of this high-stakes battle. Ripple’s legal team, which is led by Stuart Alderoty, is considering applying for a cross-appeal.
He made the following interesting statement:
“The SEC’s decision to appeal is disappointing, but not surprising. This just prolongs what’s already a complete embarrassment for the agency. The Court already rejected the SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course, there were no victims or losses.”
Also Read: SEC Files Notice Of Appeal in Ripple XRP Case
The SEC’s appeal of the XRP ruling is a key moment in the ongoing debate between crypto innovation and regulation. The outcome could greatly impact the future of digital assets and their legal status.