The CEO of Ripple, Brad Garlinghouse, has expressed his readiness to take Ripple’s legal fight with the United States Securities and Exchange Commission (SEC) to the country’s highest court. Speaking during the recently concluded DC Fintech Week 2023, Garlinghouse assured the Ripple community of his resolve and unwillingness to back down.
“I think that definitely could happen. I mean, certainly. And we’ve said this publicly. We are in it till the end,” said Garlinghouse.
The Ripple CEO was responding to the possibility of the SEC appealing its case against the company. An appeal and further escalation would likely push the case before the Supreme Court.
In July, Judge Analisa Torres ruled that XRP is not a security, giving a partial win to Ripple, who had been in a legal battle with the SEC since 2020. The SEC had initiated the legal action, insisting that XRP is an investment contract and should therefore be under regulatory supervision. Judge Torres ruled in favor of Ripple, disagreeing that XRP is a security as it does not meet the requirements of the Howey Test.
XRP news filled most crypto-focused media platforms because of the ruling, generally considered a win for all of the sector. Part of the news was the asset’s parabolic spike, as it jumped more than 70% within 24 hours of the ruling. Recently, Judge Torres rejected the SEC’s appeal in the case, stating that the Commission can only present problems that would not require comprehensive record reviews. In addition, the judge dismissed the SEC’s attempt to argue its appeal by referring to Terraform Labs, a reference Judge Torres said lacked relevance to the case.
Positive XRP News Shows Sec Has Low Chance Of Winning
As part of the DC Fintech Week interview, Garlinghouse said he received an offer to settle the case out of court. However, he thinks the fact that the offer was later withdrawn clearly indicates Ripple’s upper hand in the case. Garlinghouse said:
“That feels really good. It feels like…There’s no chance they were going to win that. Pushing that the way they did, it just feels like the SEC should be part of the solution.”
In recent times, nearly all Ripple and XRP news shows significant progress with the company and the token. Since SEC Chairman Gary Gensler’s disappointment with the court’s ruling, reactions have poured in favor of Ripple and XRP. For instance, Hogan & Hogan partner and lawyer recently said that the SEC only has a 14.2% chance of winning an appeal. Another lawyer, Bill Morgan, had a poorer forecast, putting SEC’s chance of a win at 3%, especially since XRP does not meet the Howey Test requirements. Days earlier, the SEC cleared Ripple executives Brad Garlinghouse and Executive Chairman Chris Larsen of all charges.
The Commission had accused both executives of deceiving investors and selling more than $1 billion worth of the tokens without registration.
Ripple’s XRP Moves
In other XRP news, the price of the token has recently been on an impressive run. On Monday, XRP rose by 11% within 24 hours following news that Ripple had secured payment services agreements with the Dubai Financial Services Authority (DFSA) and the National Bank of Georgia (NBG). While the DFSA announced it was adding XRP to a list of approved assets that already included Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), the NBG chose Ripple as its official technology partner for its Central Bank Digital Currency (CBDC) project.
There is now a lot of confidence in Ripple and XRP, especially since the court battle is moving in their favor. Days ago, renowned crypto attorney John Deaton said Ripple is likely to pay $20 million or less in settlement. Specifying that people think the outcome of the lawsuit with the SEC is a 50/50 situation, Deaton said any amount equal to or less than $20 million is a “99.9% legal victory.”