Stuart Alderoty says that he won’t be surprised if the SEC decides to appeal against the XRP ruling.
The lawyer adds that nothing could change the status of XRP as a non-security.
Highlighting the notion of rationality, Alderoty posits that the SEC turns irrational regarding crypto.
Ripple’s recent partial victory against the Securities and Exchange Commission (SEC) has fueled speculation about a potential appeal from the regulators. Stuart Alderoty, Chief Legal Officer of Ripple, stated in an interview that he would not be surprised if the SEC decided to appeal.
Stuart said that if the SEC was a rational actor it would not appeal but when it comes to crypto it is not a rational actor.He said he would not be surprised if there is an appeal. He stated that in the second circuit less than 10% of appeals result in a reversal of the lower… https://t.co/EdskThiyfu
— bill morgan (@Belisarius2020) August 15, 2024
The lawyer’s comments came a week after Judge Analisa Torres slashed the SEC’s $2 billion penalty demand and ordered a lower amount of $125. While Ripple celebrated it as a historical milestone, the final judgment in the 4-year legal battle is still in question.
Following the ruling, many experts, including James Murphy, also known as Meta LawMan, suggested that the SEC might choose to appeal. He also reminded the community of the 60-day period the regulator has to decide.
In his recent interview, Alderoty asserted that the status of XRP as a non-security could not be changed even if the SEC appeals, adding, “That is the law of the land.” He highlighted the agency’s mixed track record in court, emphasizing the low likelihood of an appeal overturning the court ruling.
Stuart said that if the SEC was a rational actor it would not appeal but when it comes to crypto it is not a rational actor.He said he would not be surprised if there is an appeal. He stated that in the second circuit less than 10% of appeals result in a reversal of the lower… https://t.co/EdskThiyfu
— bill morgan (@Belisarius2020) August 15, 2024
Meanwhile, XRP advocate Bill Morgan reiterated Alderoty’s notion of “rationality” concerning SEC’s decisions. He posited that the SEC becomes an irrational actor in terms of crypto. Moreover, reinforcing Alderoty’s optimistic belief in the case’s imminent resolution, Morgan stated that the status of XRP couldn’t be changed with the SEC’s further proceedings.
Amidst these developments, Ripple’s XRP is experiencing a negative trend, with its price currently at $0.5636. The token has seen a marginal decline of 0.79% in the last 24 hours and a notable dip of 7.5% in the last 7 days.
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