SEC may wait ‘years’ to appeal Ripple case – Brad Carlinghouse

Ripple CEO Brad Carlinghouse believes the United States Securities and Exchange Commission (SEC) will face a lengthy process before he gets a chance to appeal the judge’s Torres ruling in the case against Ripple.

On July 13, Judge Torres ruled partially in favor of Ripple Labs in a case brought by the Securities and Exchange Commission in 2020, ruling that the XRP (XRP) token for retail sales on digital asset exchanges is not protected.

However, Torres also ruled that XRP is a security when sold to institutional investors because it meets the conditions set forth in the Howie test.

A Interview With Bloomberg on July 15, Carlinghouse dismissed the corporate sale decision as a “very small piece” of the case. If the SEC appeals the retail ruling, he believes it will “further” confirm Judge Torres’ decision.

Even if Carlinghouse hopes, it will be some time before the SEC appeals.

“By law, the law of the land right now is that XRP is not a security. Until the SEC gets a chance to appeal, it will be years, obviously we’re very optimistic.

Carlinghouse asserted that this is the first time the SEC has lost a “crypto case.” He called the SEC “a bully” and followed “veterans” in the crypto industry who couldn’t “mount proper security.”

He also noted that when the lawsuit against Ripple was first filed, many crypto exchanges in the US had a wait-and-see attitude due to uncertainty. As a result, several exchanges such as Coinbase and Kraken listed XRP wholesale.

Related: XRP reigns a ‘watershed moment’, but we’re not out of the woods yet – advocates

According to Carlinghouse, the SEC “sowed confusion” in the market.

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“They knew there was chaos, and they actually did things that they knew would add to the chaos,” he said.

Carlinghouse explained that this confusion actually “turned into a power” for the SEC, thereby preventing inventions within the United States.

“The SEC is really trying to put the power and the politics behind providing the right policy and clear rules of the road,” he said.

He pointed out that this has made it difficult for entrepreneurs and investors to participate in the US crypto market and blockchain industry.

Magazine: XRP is not a security, Celsius CEO arrested on criminal charges, and more: Hodler’s Digest, July 9-15

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