According to U.Today, Ripple's chief legal officer, Stuart Alderoty, recently discussed the possibility of the U.S. Securities and Exchange Commission (SEC) appealing the court's decision regarding XRP's legal status. Alderoty mentioned that he would not be surprised if the SEC decides to appeal. However, he emphasized that XRP's classification as a non-security would remain unchanged despite any potential appeal. Judge Analisa Torres had previously ruled that the secondary sales of XRP were not securities, a decision that Alderoty insists will stand regardless of the SEC's actions.
Earlier this month, Judge Torres issued a final judgment in the Ripple case, requiring the San Francisco-based company to pay $125 million in penalties. Despite the significant fine, Ripple viewed the outcome as a victory over the SEC, which it has criticized for years. Following the ruling, Alderoty appeared on CNBC, asserting that the SEC lost on all critical points. He also noted that the agency had sixty days to file an appeal.
Bloomberg's senior litigation analyst, Elliott Stein, suggested that the Ripple case could have a positive impact on Coinbase's ongoing legal battle with the SEC. Alderoty echoed this sentiment, stating that the court's decision would significantly influence the broader cryptocurrency industry. He also criticized the SEC's approach to regulating the crypto sector, arguing that it had deviated from its primary mission. Despite the ongoing regulatory challenges, Alderoty expressed optimism that Ripple's legal victory would help the industry move forward.
