Summary:
Ripple's legal chief emphasizes that the SEC lost on key arguments regarding XRP's classification as a security.
The $125 million penalty will be paid from Ripple's cash reserves.
Alderoty believes if the SEC is rational, they should not pursue an appeal.
The ruling establishes that XRP is not a security in and of itself.
Alderoty calls for clear laws and regulations for the crypto industry to thrive.
Ripple’s chief legal officer, Stuart Alderoty, recently addressed the potential for an appeal from the SEC following the $125 million final judgment in the XRP case. He expressed that if the Biden-Harris administration aims to reset its approach to cryptocurrency, the SEC should refrain from appealing. He emphasized that the SEC "lost on everything" crucial, as the court rejected the classification of XRP as a security.
Ripple Legal Chief on Potential SEC Appeal of Final Judgment in XRP Case
In an interview with CBNB, Alderoty reflected on the outcome of the SEC's case against Ripple over XRP, which culminated in a judgment by District Judge Analisa Torres that partially granted the SEC’s motion for remedies, resulting in a $125 million civil penalty.
“We’re feeling really good about it,” Alderoty stated, highlighting Ripple's commitment to defending not only itself but the entire crypto industry. He criticized the SEC's anti-crypto stance and its ongoing legal battles against the sector.
Alderoty further clarified:
“The court firmly rejected the idea that a token itself — in this case, XRP — can be considered a security.” He drew a comparison, stating that just as a bar of gold is not a security, neither is XRP in its essence. He pointed out that while securities laws apply to certain historical sales, the core clarity established is that XRP itself is not a security.
Regarding the $125 million fine, Alderoty remarked that Ripple would pay it from its cash reserves and is eager to move forward. He hopes this marks a new chapter for Ripple and encourages the administration to reset its approach to cryptocurrency.
While discussing the possibility of an appeal by the SEC, Alderoty acknowledged the SEC's option to appeal within 60 days but emphasized Ripple's focus on the finality of the court's order. He stated:
“If the SEC is a rational actor and if this administration is truly serious about hitting the reset button on their war on crypto, there should be no appeal.”
He concluded by stressing the need for clear laws and regulations to allow the cryptocurrency industry to thrive in the United States, akin to its success abroad.
What do you think? Will the SEC appeal the court’s decision in the Ripple case over XRP? Share your thoughts in the comments below.
Comments