August 18, 2023 at 03:40 AM GST updated: August 18, 2023 at 08:51 AM 2 mins read News
  • Ripple CEO asserts XRP’s non-security status, regardless of SEC’s appeal, emphasizing it’s not subject to trial.
  • Ripple opposes SEC’s interlocutory appeal request, citing a lack of extraordinary circumstances justifying it.
  • Garlinghouse dismisses SEC’s claim of recklessness and expresses confidence in proving the commission wrong during the trial.

Amidst an ongoing legal dispute involving the US Securities and Exchange Commission (SEC), the Ripple CEO, Brad Garlinghouse, remains resolute in his claim that XRP does not qualify as a security, regardless of the SEC’s appeal efforts.

Amid escalating tensions, Ripple has taken a firm stance against the SEC’s request for an interlocutory appeal. The company contends that the SEC has failed to present “extraordinary circumstances” justifying such an appeal. This stance comes in response to last week’s request by the SEC to appeal Judge Analisa Torres’ ruling, which stated that transactions involving XRP did not qualify as investment contracts and that XRP itself was not a security.

Addressing the SEC’s allegations, Garlinghouse dismissed claims that he and Ripple’s chairman, Chris Larsen, were reckless in assessing XRP’s non-security status. In no uncertain terms, he labeled these assertions as “utter nonsense.” Garlinghouse pointed out that the court had previously affirmed that the SEC would need to provide evidence during the trial to support its case against the company’s executives.

Undeterred by the ongoing legal battle, Garlinghouse expressed unwavering confidence in Ripple’s ability to prove the SEC wrong on both factual and legal grounds. This legal showdown is set to culminate in a trial scheduled for the second quarter of 2024. In the meantime, the court has requested that both parties submit blackout dates for the upcoming trial by August 24.

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