Ripple’s legal team is preparing for a possible appeal from the U.S. Securities and Exchange Commission (SEC) following a partial victory in a long-standing legal battle. The speculation arose after Stuart Alderoty, Ripple’s Chief Legal Officer, indicated that an appeal from the SEC would not come as a surprise. His comments came after a ruling by Judge Analisa Torres that had declined to dismiss the SEC case but also slashed the SEC’s initial demand of $2 billion to $125 million.
Ripple has seen this ruling as a victory against the SEC in its four-year-long legal battle. But, several issues have not been answered because the case can still not be said to be closed. The watchdog has another 60 days to appeal this decision, which has compounded the debate in the legal fraternity. Experts like James Murphy, alias Meta LawMan, have identified the period to express that the regulator may seek an appeal to the court ruling.
Also Read: Breaking: Judge Torres Fines Ripple $125 Million, Forbids Future Securities Law Violations
Ripple Confident Despite Potential Appeal
Speaking in an interview, Alderoty sought to clarify that the decision to regard XRP as a non-security is legally binding, irrespective of the SEC’s choice to appeal. He stressed that this aspect of the ruling is approved as the “law of the land”, which signals confidence in the court. Moreover, Alderoty highlighted that the SEC has not been successful in court, which means that an appeal will be ineffective in reversing the decision.
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Richard’s base, currently worn for Deloitte, refreshed Morgan’s sentiment, and as per him, the SEC’s action does not make much sense, especially regarding cryptocurrency regulations. He also reiterated the legal affair between Ripple and the SEC, noting that the standing of XRP would not change. Meanwhile, Ripple’s XRP coin is losing value in the market. XRP is now trading at $0.5636, down 0.79% in the last 24 hours and 7.5% over the previous week.
Conclusion
As Ripple celebrates a partial victory, the prospect of an SEC appeal looms. The legal community remains divided on the likelihood of an appeal, but Ripple’s leadership expresses confidence in the resilience of the court’s ruling regarding XRP’s status. The coming weeks will be crucial as the SEC decides its next steps in this high-profile case.
Also Read: Ripple gets a major victory as the judge lowers the SEC penalty demand
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.