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In the ongoing lawsuit between Ripple 
$2 and the U.S. Securities and Exchange Commission (SEC), attorney Fred Rispoli criticized CEO Brad Garlinghouse and Chairman Chris Larsen for opting to settle only some of the SEC’s allegations rather than seeking complete dismissal of all charges. Rispoli argued that the executives should have demanded the dismissal of all allegations against them.
Fred Rispoli’s Criticisms
Fred Rispoli highlighted errors in Garlinghouse and Larsen’s legal approaches through his posts on the X platform. He emphasized that accepting some charges related to the SEC’s “aiding and abetting” accusations while not fighting all of them was a strategic mistake.
Rispoli stated that the executives’ decision to avoid trial could prevent significant witnesses and crucial documents from emerging. He noted that testimonies could potentially be gathered from figures like former SEC Chairman Jay Clayton and the ex-partner director of the corporate finance department, Bill Hinman. Such testimonies might reveal internal assessments regarding the classification of XRP as a security.
Ripple’s Appeal and SEC’s Recent Moves
In response to the SEC’s appeal of some aspects of the ruling issued by U.S. District Judge Analisa Torres in 2023, Ripple Labs filed a counter-appeal. Torres had stated that Ripple’s sales of XRP to retail investors did not constitute securities sales. However, the SEC continues to appeal other aspects, including corporate sales and the distribution of XRP for non-cash consideration. Ripple’s chief legal officer, Stuart Alderoty, expressed a positive outlook, suggesting that the SEC’s appeal appeared likely to fail.
Discussions arose among users about whether the SEC filed its appeal in a timely manner regarding the Ripple case. Some users on X claimed that the SEC did not file Form C within the 14-day period. However, an SEC spokesperson confirmed that the filing was completed on time. Notably, the SEC’s appeal does not influence the ruling that XRP sales to retail investors are not securities sales.
Developments in the Ripple case are seen as a significant turning point in legal processes related to digital currencies. Ripple’s strategic decisions and the SEC’s appeal process may shed light on future similar cases. This ongoing process concerning the regulation of digital assets could provide essential lessons for other companies in the industry.
