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Ripple’s CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, recently marked the anniversary of a significant court ruling in their favor. On July 13, 2023, District Judge Analisa Torres delivered a landmark judgment regarding XRP in the case brought by the U.S. Securities and Exchange Commission (SEC).
Brad Garlinghouse took to social media platform X to share his thoughts on this milestone. “July 13, 2023 — that day was a very good day — for Ripple and the entire industry,” he expressed. Garlinghouse emphasized their determination to stand up to the SEC, stating: “We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. As I said when it started, I knew we were on the right side of the law and that we would be on the right side of history.”
Garlinghouse criticized the SEC and its Chair, Gary Gensler, for their aggressive stance against the crypto industry. He condemned their efforts to stifle innovation with “failed lawsuits, false rhetoric, slander, and intimidation,” asserting, “They were wrong then. And they are wrong now.”
Stuart Alderoty, Ripple’s Chief Legal Officer, provided insights into Judge Torres’ ruling. He highlighted the significance of the verdict: “First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.”
Alderoty noted that this ruling has influenced other cases and underscored the SEC’s overreach. He argued that “the courts have provided a much-needed check on the SEC’s behavior, but clarity on a token-by-token basis, through interminable litigation, is unacceptable.”
Alderoty also pointed out the frustration among U.S. policymakers over the lack of legislative progress on crypto, as the country lags behind globally. Although the SEC v. Ripple case isn’t fully resolved, Alderoty emphasized that “the court’s ruling that XRP is not a security will not change.” He mentioned that “even the SEC told the court it will not challenge that conclusion.”
He urged the industry to stay focused despite the SEC’s ongoing litigation efforts, warning that “the runway is running out for the SEC.” Concluding on an optimistic note, Alderoty stated, “Ripple and the entire industry has and will emerge stronger, long after Chair Gensler is gone.”