Ripple Labs is ready to respond to the US Securities and Exchange Commission (SEC) by filing an application Form Cpresenting its appeal of the regulator’s efforts to overturn a key ruling by Judge Analisa Torres in 2023. This filing comes as Ripple attempts to clarify its position on recent SEC appeals on various aspects of the case.

Ripple directors’ project optimism

The SEC appeal follows: decision of the district court that Ripple’s institutional sales of XRP did not qualify as securities, which is a key point of contention in the ongoing litigation.

As FOX journalist Eleanor Terret noted, the SEC attempted to challenge almost every aspect of its losses at the district court level. Still, Ripple intends to focus its appeal on this ruling, arguing that the SEC’s allegations misrepresent the nature of its sales.

In interview last week in Miami by Terreta, Ripple CEO Brad Garlinghouse and general counsel Stuart Alderoty expressed powerful confidence in a favorable outcome from the Second Circuit Court of Appeals.

Alderoty further noted the statistical likelihood of reversal in such cases, pointing out that if a side loses at the district level, the chances of a successful appeal are typically around 10% or less.

Alderoty’s optimism is reinforced by his belief that the Second Circuit can do this uphold Judge Torres’ ruling and extend it further. “I think this will not only vindicate Judge Torres; I think they will strengthen her ruling,” he said. Garlinghouse echoed this sentiment, saying:

I’m so confident we’ll win the appeal, and that would really put a dagger into Gary Gensler’s entire cryptocurrency regulation agenda.

Garlinghouse assesses the impact of the US elections

In recent conversation In an interview with CNBC, Ripple CEO Brad Garlinghouse also commented on the current state of the market in terms of regulation and the potential changes that the upcoming US elections may bring to digital assets.

Ripple’s CEO expressed great optimism about the post-election landscape, stating that this election is crucial to the cryptocurrency’s future. Garlinghouse believes that regardless of the outcome, the next Congress will likely be more pro-crypto and pro-innovation than ever.

Trump came out early and “very aggressively” in a pro-crypto way, declaring himself the “crypto-president,” Garlinghouse noted. He admitted it Harris syndrome took a more nuanced approach, but noted that they provided some of the most constructive commentary on cryptocurrency this week.

Garlinghouse highlighted Harris’ experience in Silicon Valley, highlighting her overall support of technology over the years. While she has been relatively tranquil on cryptocurrency issues, he predicts a reset in the regulatory environment, regardless of the election outcome.

“No matter what happens, we will leave a legacy of the Biden administration’s failed approach,” he said, citing the SEC’s actions as part of a broader hostility toward cryptocurrencies. Garlinghouse stated:

Regardless of what happens in the next elections, we will face a reset. We can debate the scale of this reset, and there is much disagreement about it, but we will see further progress, which I certainly look forward to.

At the time of writing XRP is trading at $0.53.

Featured image from DALL-E, chart from TradingView.com