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News - SEC appeals against Ripple - this is how XRP responds
The lawsuit between the SEC and Ripple is entering a new phase. The US regulator refuses to accept the verdict in Ripple's favor.
The U.S. stock market watchdog SEC filed an appeal on October 2 against Judge Analisa Torres' ruling in the Ripple case. The ruling from July of this year fell in Ripple's favor. The court ruled that selling XRP through trading platforms was not a violation of securities laws.
The case ultimately ended with Ripple being fined $125 million, while the SEC had demanded $2 billion. Experts now consider the chances of the case being reopened high. U.S. attorney Fred Rispoli estimated the chance at 60 percent. Former SEC lawyers shared similar prediction with reporter Eleanor Terrett.
On X (formerly Twitter), Ripple CEO Brad Garlinghouse shows himself combative. He argues that SEC chief Gary Gensler has damaged the regulator's credibility and reputation. According to him, Ripple, the crypto sector and the rule of law have already won.
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.
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
Somehow, they still haven't gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b
When the appeal was announced, XRP fell significantly, but has since rebounded. Within 24 hours, XRP posted a 1% gain, as did Bitcoin. Whether Bitwise is the turnaround for XRP will bring remains to be seen. The crypto-asset manager recently filed an ETF application based on Ripples cryptocurrency.
"I think it is only a matter of time before there will be an ETF for XRP, Solana and Cardano," said an optimistic Garlinghouse.
