Ripple’s chief executive and chief legal officer have reflected on the crypto firm’s win against the U.S. Securities and Exchange Commission (SEC) regarding XRP as the anniversary of the court ruling approached. The CEO described the ruling as a milestone for both Ripple and the cryptocurrency industry. “The court’s ruling that XRP is not a security will not change,” Ripple’s legal chief emphasized, noting that “even the SEC told the court it will not challenge that conclusion.”
Ripple CEO and Legal Chief Reflect on Landmark Victory Against SEC Over XRP
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A Very Good Day for Ripple and Entire Industry
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have reflected on their company’s significant milestone as the anniversary of District Judge Analisa Torres’ landmark ruling on July 13, 2023, regarding XRP in the case brought by the U.S. Securities and Exchange Commission (SEC) approached.
“July 13, 2023 — that day was a very good day — for Ripple and the entire industry,” Garlinghouse described on social media platform X on Friday. The executive continued:
We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. As I said when it started, I knew we were on the right side of the law and that we would be on the right side of history.
Garlinghouse explained that since the onset of Ripple’s legal battle, the SEC and Chair Gary Gensler have intensified efforts against the crypto industry, attempting to suppress it “with the false belief that they could smother this technology and industry… with failed lawsuits, false rhetoric, slander and intimidation.” The Ripple boss firmly believes these actions are misguided, stating: “They were wrong then. And they are wrong now.”
Ripple’s chief legal officer also shared insights on Friday regarding Judge Torres’ judgment in the SEC v. Ripple case regarding XRP. Highlighting the significance of the verdict, Alderoty said:
First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.
The Ripple chief legal officer noted that this ruling has influenced other cases and highlighted the SEC’s overreach. “The courts have provided a much-needed check on the SEC’s behavior, but clarity on a token-by-token basis, through interminable litigation, is unacceptable,” he opined.
Alderoty pointed out that U.S. policymakers are increasingly frustrated with the lack of legislative progress on crypto, as the U.S. falls behind the rest of the world. While acknowledging that the SEC v. Ripple case is not fully over, with remedies still to be decided, he stressed that “the court’s ruling that XRP is not a security will not change.” He pointed out that “even the SEC told the court it will not challenge that conclusion.” Alderoty advised:
Don’t be distracted by the SEC’s continued efforts to mire Ripple and the industry in the litigation trenches – that runway is running out for the SEC.
“Ripple and the entire industry has and will emerge stronger, long after Chair Gensler is gone,” the Ripple legal chief concluded.
What are your thoughts on the remarks by Ripple’s CEO and chief legal officer regarding their victory against the SEC over XRP? Share your opinions in the comments section below.
