Uphold CEO Discusses Challenges from Judge Torres and SEC Appeal
- admin_hrv2xlob
- March 21, 2024
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Uphold’s CEO, Simon McLoughlin, recently spoke about the surge in buy orders following Judge Torres’ ruling in favor of XRP. In an interview with Zack Rector, Simon expressed his excitement and validation after the ruling. Uphold’s decision to continue supporting XRP in the United States, despite other trading venues backing out, has been justified by the court’s decision.
Simon commended the court for considering existing legal precedent, particularly the application of the Howey test to determine whether XRP is a security. He believes that this approach makes the ruling more difficult to appeal, as it avoids introducing new concepts or interpretations.
The conversation then shifted to the impact of the court ruling on Ripple’s business and the cryptocurrency landscape. Simon revealed that Ripple has been engaging in discussions with banks, institutions, and payment providers in the United States, setting the stage for future partnerships and collaborations.
In response to the Ripple news, Simon described his elation and vindication. Uphold’s decision to support XRP in the United States was a significant and risky move, and seeing the judgment validate their choice brought immense satisfaction. He praised the judge for basing her ruling on existing jurisprudence, specifically the Howey test.
However, the U.S. Securities and Exchange Commission (SEC) is planning to make an “interlocutory appeal” regarding the judge’s decision on Ripple’s XRP sales. The SEC is seeking permission to appeal a specific part of the ruling while the rest of the case proceeds to trial.
In conclusion, Uphold’s CEO, Simon McLoughlin, expressed his joy and validation following the court’s ruling in favor of XRP. Uphold’s decision to continue supporting XRP in the United States has been vindicated, and discussions with potential partners are underway. Despite the SEC’s plans to appeal, Simon remains optimistic about the future of Ripple and its cryptocurrency.