In a March 19 Bloomberg interview, Garlinghouse brought up the possibility of going on the offensive with a cross-appeal, i.e.an appeal from an appellee requesting that a higher court review a lower court’s decision. Related: Bitnomial drops SEC lawsuit ahead of XRP futures launch in the USNamely, Garlinghouse wants to revisit the 2023 decision in which Judge Analisa Torres, while ruling Ripple’s publicly sold tokens did not constitute a security, levied a $125 million fine on Ripple, stating that the tokens should have been sold to institutional investors. The firm is also subject to a five-year “bad actor” prohibition on fundraising which, says Brogan, could meaningfully impact its operations. “At this point, all we’re fighting for is do we want to fight to get the $125 million back,” said Garlinghouse.
This landmark case set a precedent for the domestic crypto industry.”Ripple and the crypto industry as a whole are counting this as a major victory, but the SEC’s decision provides no legal precedent, and the “guardrails” the industry has lobbied for are yet to be defined. Consequences of Ripple case on lawmaking and precedentThe cryptocurrency lobby was quick to celebrate the SEC decision, announced by Garlinghouse at the Digital Asset Summit in New York on March 19.
Ripple CEO Brad Garlinghouse said the decision “provides a lot of certainty for RIpple” and that while the case is effectively over, there are still some loose ends the firm needs to tie up with the SEC.“We now are in the driver’s seat to determine how we want to proceed.”Stuart Alderoty, Ripple’s chief legal officer, wrote on X, “Today, Ripple moves forward — stronger than ever.
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