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Speaking at the DC Fintech Week 2023, Brad Garlinghouse, Ripple’s CEO noted that his firm is gearing up to take the ongoing XRP lawsuit between the cryptocurrency payment company and U.S Securities and Exchange Commission (SEC) to the Supreme Court.
XRP Lawsuit: Timeline and SEC’s Next Action
Garlinghouse’s statement comes as a build-up to its earlier resolve after the SEC initially indicated its interest in appealing Judge Analisa Torres’ ruling that XRP is not a security. It is, therefore, safe to say it was initially the regulator’s plan to escalate the XRP lawsuit to the Supreme Court.
The SEC filed a motion of leave for an interlocutory appeal against the federal judge’s final verdict on XRP.
Much to the disappointment of many crypto enthusiasts, the motion was approved by Judge Torres. She granted the SEC until August 18 to file its motion to oppose while she also gave Ripple Labs up to September 1 to file its opposition papers. Markedly, the approval was not Judge Torres’s official position on the appeal but only a way for the SEC to proceed.
Ripple had tried to shout down the motion citing that the SEC was backtracking. On the other hand, the SEC clarified that it was only filing for an appeal because the judge’s verdict on XRP was affecting its litigation with other protocols.
The build-up as described underscores the fact that anything is possible including dragging the case to the Supreme Court level.
Ripple Has the Advantage Against SEC
Now sitting at the recent interview at the DC Fintech Week event, Ripple CEO explained how his firm has been offered the chance to settle the case out of court, a proof it has the advantage against the SEC. However, he claimed that the offer has been revoked “with prejudice” and he believes that this represents the fact that Ripple currently has the upper hand in the legal battle over XRP’s security status.
“That feels really good. It feels like…There’s no chance they were going to win that. Pushing that the way they did, it just feels like the SEC should be part of the solution,” Garlinghouse said.
The Ripple’s CEO’s statements suggest that the fintech firm currently has unshaken confidence in its capacity to completely win the three-year-long legal dispute against the U.S. SEC. He pointed out that compared to 2021 when the firm was faced with several regulatory uncertainties, Ripple has seen better days in recent months.
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