Ripple’s Chief Legal Officer, Stuart Alderoty, has expressed strong criticism of the U.S. Securities and Exchange Commission’s (SEC) recent appeal regarding XRP, which challenges a previous ruling that deemed XRP not a security.
This appeal follows a ruling by Judge Analisa Torres, who imposed a $125 million fine on Ripple, significantly less than the SEC’s initial demand of $2 billion. Alderoty described the SEC’s move as disappointing and indicative of a desperate attempt to overturn its loss, reflecting broader frustrations within Ripple and the crypto community.
Alderoty highlighted that the original case lacked claims of fraud or loss, marking a significant victory for Ripple. He accused the SEC, under Gary Gensler’s leadership, of pursuing unfounded lawsuits instead of providing clear regulatory guidance for the crypto sector, which he believes undermines the agency’s credibility. Ripple is now contemplating a cross-appeal, indicating readiness for further legal battles.
Key timelines for the case’s next steps have been outlined, with the SEC’s briefing expected by late 2024 or early 2025, and potential oral arguments in late 2025. Despite the lengthy process, Alderoty remains committed to defending Ripple and the broader crypto industry against the SEC’s actions.
