Ripple Labs Prepared to Go to Supreme Court in Case Against SEC

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Ripple Labs Prepared to Go to Supreme Court in Case Against SEC
  • Brad Garlinghouse said Ripple is prepared to go as high as the Supreme Court in its case against SEC.
  • The CEO said U.S. courts get more conservative as you go through the appellate system.
  • Garlingshouse said the SEC “masquerades confusion as power” in relentlessly pursuing cases against crypto entities.

Ripple Labs CEO Brad Garlinghouse said in an interview that the company is prepared to go as high as the Supreme Court in settling its years-long lawsuit with the U.S. Securities and Exchange Commission. The CEO said a resolution at the Supreme Court will put the case to an end.

According to Garlinghouse, U.S. courts get more conservative as lawsuits go through the appellate system. Aside from this, the CEO also said the company is confident in its case as the facts and the law are on their side.

Furthermore, Garlinghouse said the SEC’s slew of losses in cases against crypto entities shows an abuse of power. He noted that in most of its recent cases, the regulator has been receiving backlash from the courts. According to the CEO, the SEC “masquerades confusion as powers” in relentlessly pursuing cases. 

Earlier in July, Judge Analisa Torres ruled that XRP – Ripple’s native token – sales are not securities except when offered to institutional investors. However, the SEC believes otherwise and seeks to appeal the decision in that case.

So far, Ripple Labs has spent over $100 million in defending the case. Meanwhile, Garlinghouse said the company remains unfettered by the prolonged market slowdown. Instead, he said the company has always grown through crypto winters.

Since its start in 2022, the market slowdown has wiped billions off the crypto market. As a result, there is widespread FUD in the market, further worsened by ongoing regulatory onslaught against major crypto entities.

Even though XRP rallied following the July decision, its price has since declined alongside the general crypto market. According to crypto lawyer Bill Morgan, the FUD around XRP has no basis, considering that nothing has changed about the status of the token. If anything, it has grown through new listings and trading pairs.

Data from CoinMarketCap shows that XRP’s price has remained unchanged in the past 24 hours. At the time of press, the token is changing hands at $0.4763. However, its trade volume has declined by 16% in the same period.