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Ripple Celebrates, SEC Eyes Faster Appeal

Fri, 20/10/2023 - 5:18
Ripple Celebrates, SEC Eyes Faster Appeal
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After the U.S. Securities and Exchange Commission (SEC) unexpectedly dismissed its charges against Ripple executives Brad Garlinghouse and Chris Larsen, the XRP community erupted with celebratory social media posts.  

Ripple's major win saw a corresponding spike in the XRP price by over 8%. 

Yet, even amid the jubilation, there is a note of caution in the air. Some legal experts are speculating that the SEC's strategy might be to expedite an appeal.

A "surrender" 

Shortly after the SEC's decision became public, Ripple CEO Brad Garlinghouse expressed his relief on Twitter, emphasizing that both he and Chris Larsen were "targeted by the SEC in a ruthless attempt to personally ruin us." 

He criticized the regulatory body for its alleged wastage of taxpayer money and underscored the absence of any claims of fraud or misrepresentations in the case. 


Executive Chairman Chris Larsen echoed these sentiments, calling attention to the harm inflicted upon the U.S.'s reputation as an innovation hub. 

Ripple General Counsel Stuart Alderoty opined that the SEC's move was not merely a settlement but a complete "surrender."

Premature celebration? 

For now, Ripple and its executives revel in their victory, but some legal experts suggest caution. 

Lawyer Katherine Kirkpatrick noted that the SEC's voluntary dismissal of the case against Ripple's senior executives might be strategic. 

By doing so, the SEC can expedite the process to appeal the Ripple decision rather than waiting until the conclusion of the trial scheduled for the late spring. 

This viewpoint aligns with prior observations by legal experts who believe that the SEC may still appeal, even if not immediately. 

A previous attempt by the SEC for an interlocutory appeal was denied, but that doesn't rule out the possibility of an appeal after the case concludes.


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