It might take years for the SEC to appeal the ruling the Ripple case. According to CEO Brad Garlinghouse, the filing of an appeal would “only further” solidify Judge Torres decision that XRP is not a security. 🥳
However, Torres also ruled that XRP is a security when sold to institutional investors, as it meets the conditions set in the Howey test.with Bloomberg on July 15, Garlinghouse dismissed the institutional sales decision as “the smallest piece” of the lawsuit. He believes if the SEC were to file an appeal against the retail sales ruling, it would only further solidify the decision that Torres made.
“As a matter of law, the law of the land right now is that XRP is not a security. Until there is an opportunity for the SEC to file an appeal, which would take years, frankly, we are very optimistic.” “They knew there was confusion, and they actually did things that they knew would increase confusion,” he stated.
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