Ripple News: XRP Lawyer Says SEC ‘Deserved to Lose Badly’: ‘I Wish Them All the Worst Penalties’

The post Ripple News: XRP Lawyer Says SEC ‘Deserved to Lose Badly’: ‘I Wish Them All the Worst Penalties’ appeared first on Coinpedia Fintech News

Ripple executive Brad Garlinghouse took to social media to express his satisfaction with recent developments in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).

In his post, Garlinghouse said, “Today was an even better day. Ripple: 3 SEC: 0.” This comment reflects the recent successes in court, where Ripple has gotten favorable outcomes.

Garlinghouse’s tone turned serious as he further discussed the ongoing case. He revealed the personal toll the SEC’s actions had taken, stating, “In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to ruin us personally, and the company so many have worked hard to build for over a decade.”

He questioned the SEC’s focus, alleging they had neglected their duty to protect U.S. consumers and businesses, citing undisclosed meetings with industry figures like SBF. Garlinghouse questioned the cost of this legal battle on taxpayers, implying that it misallocated resources.

Reacting to Garlinghouse’s post, Attorney Bill Morgan spoke about the importance of the 3-0 score, referring to the favorable outcomes for Ripple in recent legal proceedings. The SEC’s case aimed to disgorge over $2 billion and labeled every XRP sale by Ripple as a security. Morgan pointed out that the SEC’s actions would have devastatingly impacted Ripple and the lives of those involved, even though no allegations of fraud or investor harm were brought against them.

He wrote, “It lost badly, and it deserved to lose badly despite the success of institutional sales. I sincerely wish the SEC all the worst in the penalties phase of the litigation and that the court gives the smallest penalties possible.”

The SEC tried hard in court but didn’t get what they wanted. They even got in trouble with the judge. As the case continues, Brad Garlinghouse and his legal team seem confident and hopeful about the outcome, and they hope the SEC faces harsh penalties.