Ripple Labs CEO Brad Garlinghouse is prepared to escalate the SEC lawsuit to the Supreme Court, expressing confidence in Ripple’s case while criticizing the SEC’s actions in pursuing crypto entities.
- Ripple Labs CEO Brad Garlinghouse is willing to take the lawsuit with the SEC to the Supreme Court in pursuit of a resolution.
- Garlinghouse is confident in Ripple’s case, citing supportive facts and law, and criticizes the SEC for allegedly abusing its power in pursuing crypto cases.
- Despite spending over $100 million in defense, Ripple remains determined and states it has historically grown during crypto market downturns.
- XRP’s price has declined amid market challenges, but some argue that the FUD surrounding XRP is unwarranted, as its status remains unchanged.
In a recent interview, Ripple Labs CEO Brad Garlinghouse stated that his company is ready to go as high as the Supreme Court in order to settle its long-standing lawsuit with the U.S. Securities and Exchange Commission (SEC). Garlinghouse believes that a resolution at the Supreme Court level will bring the case to an end.
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) September 13, 2023
Confidence in the Case
Garlinghouse expressed confidence in Ripple’s case, stating that the facts and the law are on their side. He also noted that U.S. courts tend to become more conservative as lawsuits progress through the appellate system.
Garlinghouse criticized the SEC for its relentless pursuit of cases against crypto entities, stating that the regulator is abusing its power. He pointed out that the SEC has been facing backlash from the courts in many of its recent cases and accused them of “masquerading confusion as power.”
In July, Judge Analisa Torres ruled that XRP, Ripple’s native token, is not a security except when offered to institutional investors. However, the SEC disagrees with this ruling and intends to appeal the decision in that case.
Ripple Labs Continues to Defend the Case
Despite spending over $100 million in defending the lawsuit, Ripple Labs remains undeterred by the prolonged market slowdown. Garlinghouse stated that the company has always grown through crypto winters and will continue to do so.
The crypto market has experienced a significant decline in value since the beginning of 2022, leading to widespread fear, uncertainty, and doubt (FUD) among investors. Additionally, major crypto entities have been facing regulatory challenges, further impacting market sentiment.
To Sum it All Up….
Although XRP initially rallied following the July court decision, its price has since declined along with the rest of the crypto market. Crypto lawyer Bill Morgan argues that the FUD surrounding XRP is unwarranted, as the status of the token remains unchanged. He points out that XRP has continued to grow through new listings and trading pairs.
As of now, XRP is trading at $0.4763, according to data from CoinMarketCap. The token has remained unchanged in value over the past 24 hours, but its trade volume has decreased by 16% during the same period.