Ripple CEO Brad Garlinghouse has recently addressed the company’s decision to file a cross-appeal against the SEC. Earlier in October, the SEC appealed a ruling that ordered Ripple to pay a $125 million civil penalty for its XRP sales—far below the $2 billion originally sought by the regulator.
In response, Ripple announced yesterday that it had filed a cross-appeal regarding Judge Torres's final judgment issued on August 7, 2024. In a recent tweet, Garlinghouse reiterated his earlier comments from October, stating that if SEC Chair Gary Gensler and the agency truly 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 providing clarity to U.S. industry players," Garlinghouse asserted.
He criticized the SEC's actions under Gensler's leadership, accusing the agency of focusing on disruption rather than fostering U.S. innovation and technology. "With our cross-appeal today, we're looking forward to sealing the SEC's fate and ending their regulation-by-enforcement agenda," Garlinghouse said. He also expressed confidence that Ripple would continue to set a legal precedent, as it did during the initial court battle.
Meanwhile, Ripple’s chief legal counsel, Stuart Alderoty, has stated that the SEC lost on all key points, which is why they filed the appeal.
Bitnomial Sues SEC Over $XRP
Futures
In related news, crypto derivatives exchange Bitnomial has sued the SEC, challenging the agency’s claim of jurisdiction over a planned XRP futures contract. Bitnomial, regulated by the Commodity Futures Trading Commission (CFTC), applied for an XRP-U.S. Dollar futures contract in August. Shortly after the filing, the SEC notified the exchange that the contract was a "security future" under joint SEC and CFTC jurisdiction, warning that listing the contract would violate federal securities laws.
This is the second lawsuit against the SEC this week, following Crypto.com's lawsuit, which claims the SEC is overstepping its authority by declaring nearly all crypto assets as securities.
