Ripple’s Brad Garlinghouse Says No Credible Path for SEC to Challenge Core Ruling

cryptonews.com:

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

Brad Garlinghouse, CEO of Ripple, addressed the company’s legal victory against the United States Securities and Exchange Commission (SEC), stating there is no credible path for the regulator to challenge the core ruling.

Speaking at a press conference in Seoul, South Korea during KBW 2024, Garlinghouse addressed the prolonged lawsuit. The SEC and Ripple have been embroiled in a lawsuit for nearly four years.

“We don’t know whether or not the SEC will file an appeal,” Garlinghouse said, acknowledging the ongoing uncertainty.

The SEC has a 60-day window from the judge’s August 7 decision to file an appeal. However, Garlinghouse expressed confidence in the strength of the ruling, asserting, “Regardless of whether they choose to appeal, we do not see any credible path for the SEC to challenge the core ruling, which is that XRP is not, in and of itself, a security.”

Garlinghouse hopes that this judgment will signal the end of the SEC’s aggressive approach toward cryptocurrencies in the U.S. With the possibility of a change in SEC leadership following the upcoming elections, he anticipates more constructive engagement between the regulatory body and the crypto community.

“I think that what’s happened around the rest of the world really is indicative of the opportunity outside and for crypto more broadly,” Garlinghouse remarked, highlighting how the U.S. is currently lagging in the global crypto race.

He expressed optimism that this legal victory will eventually be seen as a “speed bump” in the continued growth and adoption of crypto and blockchain technologies.