Ripple execs lash out over SEC’s refusal to delay appeal filing — TradingView News

On By Littum

Although party leadership at the US Securities and Exchange Commission will change hands on January 20, the regulator appeared to be moving forward with its current slate of enforcement cases in court.

In an X post on Jan. 14, Ripple’s general counsel Stuart Alderoty said the SEC would not delay its filing of a brief as part of the commission’s appeal of a ruling against the blockchain firm. In August, a judge found Ripple liable for $125 million as part of the SEC’s case, alleging that the firm used XRP as an unregistered security to raise money.

“What a waste of time and taxpayer dollars,” Alderoty said. “Nevertheless, we are confident in our position on appeal and look forward to working with the new SEC leadership to resolve this matter.”

Law, Ripple, SEC, Court

Ripple CEO Brad Garlinghouse echoed Alderoty’s statement, hinting that the SEC’s approach to crypto enforcement could change after President-elect Donald Trump’s January 20 inauguration.

One of Trump’s campaign promises was to fire Gary Gensler in response to criticism of the SEC chair from many in the crypto industry. Gensler will resign on January 20.

The civil case against Ripple, filed in December 2020 during Trump’s first term under his election by SEC Chairman Jay Clayton, will go to an appeals court after the decision in August 2024. The SEC appealed a decision in which a federal judge ruled that the XRP token did not necessarily qualify as collateral, while Alderoty said Ripple’s appeal would not include that aspect of the ruling.

It is unclear whether the next head of the SEC will continue the regulator’s case against Ripple. Trump has said he would nominate former commissioner Paul Atkins for the role, but he will still be subject to a Senate vote.

Alderoty personally donated more than $300,000 to fundraising and political action committees supporting Trump.

Ripple contributed $45 million to Fairshake PAC, a committee that spent more than $100 million on media buys to support “pro-crypto” candidates in the 2024 election cycle. After November 5, the blockchain firm announced another donation of 25 million dollars to the PAC for the 2026 midterms.