Ripple Labs CEO Brad Garlinghouse has vowed to fight the United States Securities and Exchange Commission in court after the regulator said it would appeal a district court’s decision on its case against the crypto firm.
“Somehow, they still haven’t gotten the message: they lost on everything that matters,” Garlinghouse wrote in an Oct. 2 X post, deriding the SEC’s appeal notice.
“While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today.”
“That does not change even in the fact of this misguided — and infuriating — appeal,” he added.
Source: Brad Garlinghouse
In July last year, New York District Court Judge Analisa Torres ruled that the Ripple-linked XRP (XRP) token was not a security when sold on public crypto exchanges, ending the SEC’s 2020 lawsuit alleging the firm sold unregistered securities through XRP.
Torres did, however, give the SEC a partial win, ruling that XRP sold to institutional investors should have followed securities laws.
She fined Ripple $125 million for its institutional XRP sales, but last month, the SEC and Ripple agreed to stay the fine as the SEC hinted at an appeal.
Ripple’s chief legal officer Stuart Alderoty wrote on X that the SEC’s appeal was “disappointing, but not surprising,” adding it was “evaluating whether to file a cross-appeal.”
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“The SEC’s lawsuit has been irrational and misguided from the start,” Alderoty said, adding:
“We’re ready to prove that yet again in the appellate court.”
The Second Circuit appeals court is unlikely to rule on the case for another nearly year and a half, according to lawyer and Hodl Law founder Fred Rispoli.
“A ruling will be handed down from the 2nd Cir in January 2026 at the earliest, likely March or April though,” Rispoli said in an Oct. 2 X post detailing a likely timeline for the case.
He said the SEC’s brief — and Ripple’s brief if it decides to cross-appeal — will likely be due to be filed early next year, with responses to each due by March 2025.
Rispoli added oral arguments would then be slated for about this time next year — in September or October 2025.
XRP has fallen 10.2% in the last 24 hours and is currently trading at around $0.53.
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