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Ripple CEO Brad Garlinghouse has recently spoken out about the company's decision to file a cross-appeal against the SEC. It should be recalled that earlier in October, the SEC appealed the decision ordering Ripple to pay a $125 million civil penalty on its XRP sales, a fraction of the $2 billion sought by the regulator.
In a countermove, Ripple announced yesterday it had filed a cross-appeal of Judge Torres’s final judgment, which was entered on Aug. 7, 2024.
Ripple CEO Brad Garlinghouse speaks about Ripple's cross-appeal move in a recent tweet. Reiterating what he said earlier in October, the Ripple CEO stated that if the SEC and its chair Gary Gensler truly cared about the rule of law, as they claimed, they would accept their loss and move on. "But they are not interested in faithfully applying the law or in providing clarity to industry players in the US," the Ripple CEO stated.
As I said earlier this month, if Gensler and the SEC cared about the rule of law, they would accept their loss and move on. But they are not interested in faithfully applying the law or in providing clarity to industry players in the US. Under Chair Gensler, the agency is only… https://t.co/hFlkXw83s8
— Brad Garlinghouse (@bgarlinghouse) October 10, 2024
Garlinghouse also slammed the SEC's approach: "Under Chair Gensler, the agency is only interested in creating havoc - US innovation and technology be damned."
The Ripple CEO highlighted the potential of what could be achieved with the cross-appeal: "With our cross-appeal today, we're looking forward to sealing the SEC’s fate and finally putting an end to the SEC's regulation-by-enforcement agenda."
Garlinghouse went on further to express his confidence in Ripple setting a precedent in this regard: "Ripple was the industry leader in the first go-round in court and we look forward to leading the way in this round as well."
As reported, Ripple's chief legal counsel, Stuart Alderoty, indicated that the SEC lost on all key points, hence, the reason it was appealed.
Bitnomial sues SEC over XRP futures
As reported by FOXBusiness, crypto derivatives exchange Bitnomial has sued the SEC over the claim to have jurisdiction over a planned XRP futures contract.
Bitnomial, which is regulated by the SEC’s sister agency, the Commodity Futures Trading Commission, filed for an XRP U.S. Dollar Futures contract in August. According to Bitnomial’s lawsuit, the SEC contacted the exchange shortly after the filing, stating that XRP Futures are "security futures" subject to combined SEC and CFTC jurisdiction, and that Bitnomial would violate federal securities laws if it proceeded with the listing.
Bitnomial’s lawsuit is the second one filed against the SEC this week. On Tuesday, Crypto.com filed a lawsuit against the agency, claiming that the regulator is exceeding its authority by claiming that nearly all crypto assets are securities.