Ripple Labs CEO, Brad Garlinghouse, criticized the Securities and Exchange Commission (SEC) as a “bully” after obtaining a partial win in an ongoing legal dispute. The SEC had accused Ripple of illegally raising $1.3 billion through the sale of XRP. A judge decided that XRP was not a security when sold on the secondary market but would be considered a security when sold to institutional investors. Garlinghouse stated that the current law considers XRP as not a security. However, both the SEC and Ripple have the option to appeal the judge’s decision, with Garlinghouse noting that an appeal from the SEC could take years. The article concludes by stating that it is for informational purposes and not intended as legal, tax, investment, financial, or other advice. The news source also includes an advertisement for Uphold, a platform for buying cryptoassets.
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