First Statement From Ripple After SEC Appeals In XRP Case

Ripple’s Chief Legal Officer Stuart Alderoty has expressed disappointment following the U.S. Securities and Exchange Commission’s (SEC) decision to appeal the latest ruling in its ongoing lawsuit against Ripple Labs.

Ripple Executive Stuart Alderoty Hints At Possibility Of Company Cross-Appeal In XRP Case

The SEC filed an appeal on Oct. 2, challenging a previous decision that partially sided with Ripple in a dispute over the classification of XRP as a security.

Alderoty called the SEC’s move “disappointing but not surprising,” arguing that it was prolonging what he called a “complete embarrassment” for the regulator. He noted that the court had previously rejected the SEC’s claims that Ripple acted recklessly and pointed out that there were no allegations of fraud, victims or losses in the case.

Signaling that Ripple is considering a cross-appeal, Alderoty said, “Instead of faithfully enforcing the law, this institution, under this President, continues to engage in litigation warfare against the industry.” He argued that the SEC’s lawsuit was “illogical and misguided from the start” and expressed confidence in Ripple’s ability to argue its case once again in court.

Alderoty also hinted at potential internal changes within the SEC, pointing out that just an hour before the SEC filed its appeal, the agency’s Enforcement Director Gurbir Grewal announced his resignation. Alderoty suggested that this resignation may not be a coincidence and raises questions about how the SEC handled the case internally.

*This is not investment advice.