During a recent conversation with securities law professor J.W. Verret, Stuart Alderoty, Ripple’s top lawyer, said that he would not be surprised if the U.S. Securities and Exchange Commission does decide to appeal.
However, XRP’s legal status as a non-security is not going to be affected by this potential appeal, according to Alderoty.
As reported by U.Today, Judge Analisa Torres determined that the secondary sales of the controversial Ripple-affiliated token were not securities. Apparently, this is not going to change. “That is the law of the land, and that does not change even if the SEC appeals,” Alderoty stressed.
Earlier this month, Torres issued a final judgment in the Ripple case, ordering the San Francisco-based company to pay $125 million worth of penalties. The company was seemingly unfazed by the relatively hefty fine, framing the outcome as a victory over the regulatory agency it has been vilifying for years.
Following the most recent ruling, Alderoty made an appearance on CNBC, claiming that the SEC lost on “everything” that was important to them. He also mentioned that the agency had sixty days to pursue an appeal.
As reported by U.Today, Elliott Stein, Bloomberg’s senior litigation analyst, recently opined that the Ripple case could positively affect Coinbase’s ongoing fight against the SEC.
Alderoty also stated that the court ruling would have a “tremendous impact” on the broader crypto industry.
He also stated that the SEC’s “war” on crypto had skewed its core mission. At the same time, Alderoty is hopeful that Ripple’s win would allow the industry to turn the page.
