XRP News: Ripple’s Legal Chief Urges SEC to Avoid Appeal, Calls for Reset in US Crypto Policy

XRP News: Ripple’s Legal Chief Urges SEC to Avoid Appeal, Calls for Reset in US Crypto Policy

XRP News – Ripple’s Chief Legal Officer Stuart Alderoty, recently addressed the possibility of the U.S. Securities and Exchange Commission (SEC) appealing the final judgment in the XRP case, where Ripple was ordered to pay a $125 million civil penalty. In an interview with CBNB, Alderoty expressed confidence in the outcome, suggesting that if the Biden-Harris administration is serious about reconsidering its stance on cryptocurrency, the SEC should refrain from appealing.

Alderoty emphasized that the SEC “lost on everything” that mattered, particularly the argument that XRP could be classified as a security. He clarified that the court decisively rejected the notion that a token, like XRP, could inherently be considered a security, drawing a parallel to how a bar of gold is not a security. The court’s ruling, he explained, establishes that while commodities or virtual currencies can be packaged and sold as securities, they are not securities by themselves. This distinction, he noted, was a critical victory for Ripple and the broader crypto industry.

Reflecting on the judgment, Alderoty stated, “We’re feeling really good about it.” He explained that when Ripple was initially sued nearly four years ago, the company committed to defending the case not only for itself but for the entire crypto industry. He characterized the current SEC administration as having taken an aggressively anti-crypto stance, leading to what he described as a “war on crypto” being fought in the courts.

While the judgment included a $125 million fine, which Ripple will pay from its cash reserves, Alderoty sees this as an opportunity for a fresh start. He urged the Biden-Harris administration to “turn the page” on its battle against crypto and reconsider its approach.

Regarding the potential for an appeal, Alderoty acknowledged that the SEC has 60 days to decide. However, he argued that if the SEC is acting rationally and if the administration is genuinely interested in resetting its approach to cryptocurrency, there should be no appeal. Ripple, he added, is focused on the clarity and finality the court’s decision provides, and the company is eager to continue growing both domestically and internationally.

In conclusion, Alderoty suggested that the SEC’s aggressive stance against crypto has distorted its core mission. He called for the U.S. to focus on creating clear and consistent regulations to allow the crypto industry to flourish, similar to its success in other parts of the world.