Ripple General Counsel Stuart Alderothy confirmed that the SEC has not appealed the court's ruling that XRP is not a security. This remains a major victory for the blockchain company, as it ensures that the token will not be subject to further scrutiny under securities laws.
However, Ripple is not resting on its laurels. Alderothi said the company plans to cross-appeal the court's ruling on institutional sales of XRP. The court previously ruled that these sales were securities-related, which resulted in the organization being fined $125 million.
Ripple intends to challenge this decision, especially since the SEC has formally filed an appeal against several decisions that were made in Ripple's favor as part of this four-year legal battle.
The SEC is also seeking to revive previously dismissed charges against Ripple Chairman Chris Larsen and CEO Brad Garlinghouse. The regulator is also challenging the court's ruling regarding the use of XRP as a means of payment.
While the SEC's appeal contributed to XRP's price decline last Friday, the document does not challenge the ruling that XRP is not a security. And that's the key point.