Ripple
Ripple president says, ‘No going back on battle with SEC’
Ripple said it will continue to stand its ground irrespective of the SEC’s appeal application. With strong words from the president, CEO, and legal arm, where’s this lawsuit headed?
- The president noted that it was unperturbed by the SEC’s theatrics, and would see the case to the very end.
- The firm’s hiring concentration remained outside the U.S.
Monica Long, Ripple’s [XRP] president, told CNBC that the firm was ready to fight all the way through in its case with the U.S. SEC. The ongoing lawsuit, which started in 2020, has been filled with twists and turns.
Read Ripple’s [XRP] Price Prediction 2023-2024
In July, U.S. District Judge Analisa Torres proclaimed that XRP was not a security, and gave Ripple a partial win over the regulator. However, the SEC, dissatisfied with the judgment, has requested permission to file an
interlocutory appeal, which was still pending at press time.Ready to roll in the mud
However, according to Long, the SEC’s appeal application would not deter Ripple from standing its ground. In the 11 September interview, Monica said that Ripple was not concerned about the longevity of the case. Rather, it was only focused on proving that the initial judgment was a fact.
She said,
“We also got clarity in that lawsuit. And the judge’s order in that case said very clearly XRP in and of itself is not a security, which kind of opens the doors to us to really expand our business — not just in the U.S. but even more globally.”
Since the SEC publicly revealed that it would file an appeal, there has been speculation that Ripple might settle. Some other corners said the blockchain firm might back out of the lawsuit. However, that has not been the case.
On 29 August, CEO Brad Garlinghouse opined that the SEC was acting out of control despite the facts brought to the court.
While these are great outcomes… and it’s feeling like a summer of justice…
it’s sad that so many in the US crypto community have to resort to the legal process to prove this SEC is out of control and consistently WRONG on the facts and the law. https://t.co/sdZpaO4coh
— Brad Garlinghouse (@bgarlinghouse) August 29, 2023
Days after that, Ripple’s Chief Legal Officer Stuart Alderoty called out the SEC for being hypocritical and manipulative. As a result of the brawl between the two warring parties, Long said the firm was looking to operate mainly outside the U.S. jurisdiction. In defending the firm’s stance, she told CNBC that,
“We’ve always been very engaged with regulators, policymakers, and it’s just a part of our DNA. When we build [a] product, compliance is in the room. They have a seat at the table.”
Ripple looks beyond the obstacles
Her claim was corroborated by Garlinghouse’s statement on 12 September. Garlinghouse, who spoke to Bloomberg Crypto, disclosed that Ripple was actively hiring outside the U.S., and the long-standing dispute with the SEC was one of the major reasons for the decision.
Ripple CEO Brad Garlinghouse says over 80% of hiring this year will be outside US, where the crypto payments company is embroiled in a long-running legal dispute with the SEC https://t.co/BqKGTRFK95
pic.twitter.com/nZJyMMBvpY— Bloomberg Crypto (@crypto) September 13, 2023
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At press time, it was unclear which direction the case would head. However, from Ripple’s body language, it was confident of victory. If that happens, then XRP may have a chance at rewarding the XRP army who have stayed loyal to the project.
In all of this back and forth, the token has been trading sideways between $0.48 and $0.51.
