Ripple Labs CEO Brad Garlinghouse pledged to continue fighting the U.S. Securities and Exchange Commission (SEC) in court after the agency announced it would appeal a district court’s decision on a case involving the crypto company.
“They still haven’t learned the lesson: They lost on every important point,” Garlinghouse wrote in an October 3 X post, criticizing the SEC’s notice of appeal.
“No matter how long we have to fight in court, this much should be clear: XRP ’s status as a non-security asset is recognized by law,” he stressed.
“That does not change even in the face of this misguided and frustrating appeal,” he added.
Last July, New York District Court Judge Analisa Torres ruled that Ripple-related XRP Token were not securities when sold on public crypto exchange , ending a 2020 SEC lawsuit in which the agency accused Ripple of selling unregistered securities through XRP.
However, Torres also handed a partial victory to the SEC, ruling that XRP sales to institutional investors must comply with securities laws.
Ripple was fined $125 million for its institutional sales of XRP , but last month the SEC and Ripple agreed to put the fine on hold as the SEC signaled it would appeal.
Stuart Alderoty, Ripple's chief legal officer, expressed his disappointment on X : “The SEC's decision to appeal is not surprising, but it is still disappointing,” he wrote, adding that Ripple is “considering the possibility of filing a counter-appeal.”
“The SEC’s lawsuit was absurd and misguided from the start,” Alderoty stressed. “We are ready to prove it again in the court of appeals.”
The Second Circuit Court of Appeals could take at least a year and a half to issue a ruling, according to attorney Fred Rispoli, founder of Hodl Law.
“The 2nd Circuit is expected to issue a ruling as early as January 2026, but it is more likely to fall in March or April,” Rispoli wrote in an October 2 X post, outlining the expected timeline for the case.
He predicts the SEC’s report – and Ripple’s if it decides to appeal – will be due early next year, while both parties’ responses are due by March 2025.
Rispoli also said oral arguments would likely take place around September or October 2025.
XRP price has dropped 10% in the last 24 hours and is currently trading at around $0.53.
You can XEM the price of XRP here.
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Stone Sanh
According to Cointelegraph
