Brad Garlinghouse, CEO of Ripple, believes that the SEC will face a lengthy process before being able to appeal Judge Torres' ruling in the case against Ripple. The ruling stated that XRP is not a security in regard to retail sales on digital asset exchanges, but is a security when sold to institutional investors. Garlinghouse stated that if the SEC were to appeal against retail sales, it would only further solidify the decision made by Judge Torres. He also criticized the SEC for sowing confusion in the market and preventing innovation in the US.