Bitrabo Editorial
Stuart Alderoty, Ripple’s Chief Legal Officer, has criticized the SEC for its latest legal actions, which are part of the ongoing conflict surrounding XRP and Ripple’s operations.
SEC’s Appeal Draws Criticism From Alderoty
The ongoing legal battle between Ripple and the SEC took a new turn when the SEC announced its intention to appeal a previous court ruling stating that XRP is not a security. This appeal was filed shortly after Judge Analisa Torres’ decision where Ripple faced a much lower penalty of $125 million, compared to the SEC’s original demand of $2 billion.
Community members have reacted strongly against the SEC’s appeal, with Alderoty expressing his disappointment over the decision. He believes that the SEC’s actions reflect poorly on the agency, highlighting its inability to prove claims of Ripple’s misconduct, as the court found no evidence of fraud or any victims involved.
Alderoty accused the SEC, under Gary Gensler’s leadership, of continuing a legal campaign against the cryptocurrency sector instead of upholding the law correctly, pointing to a lack of transparency in their motives.
Despite his disappointment, Alderoty noted that he was not surprised by the SEC’s response and mentioned that Ripple is considering a cross-appeal. He stated, “The SEC’s lawsuit has been misguided from the beginning, and we are prepared to contest this in the appellate court, leading the way for the industry once more.”
Important Dates in the SEC vs. Ripple Litigation
As the legal proceedings continue, attorney Fred Rispoli has shared key timelines for upcoming developments. He expects that the SEC will provide a briefing by December 2, 2024, with a potential extension until January 1, 2025.
If Ripple proceeds with a cross-appeal, initial briefs are anticipated during that same timeframe, followed by opposition briefs likely due by February 2, 2025. Rispoli speculated that Ripple might accept the extension, shifting some deadlines to March 2, 2025.
Additional critical dates include reply briefs by the end of March 2025, oral arguments scheduled for September to October 2025, and a ruling expected from the Second Circuit Court of Appeals between January and April 2026.