Concerns that the U.S. Securities and Exchange Commission (SEC) may appeal the landmark XRP verdict earlier this month were allayed by Stuart Alderoty, Ripple’s chief legal officer.
Alderoty assured investors the firm was ready for an SEC appeal. He thinks that by taking this step, the corporation would be able to further solidify its victory against the watchdog.
In a recent filing in the continuing legal battle against Terraform Labs and its creator Do Kwon, the SEC hinted that it was considering appealing the Ripple verdict.
Ripple’s native token XRP was deemed “not necessarily a security on its face” by U.S. District Judge Analisa Torres on July 13. This ruling excluded sales to hedge funds and other institutional investors. This was heralded as a huge win for Ripple and the cryptocurrency sector as a whole.
The SEC voiced its disappointment with the ruling last week and said it would file an appeal. More importantly, Alderoty predicted that the SEC would start losing pending litigation in which it argues that cryptocurrencies are securities.
Although Ripple’s court victory dispelled a regulatory gloom that has dogged the project for years, Alderoty pointed out that the legal status of cryptocurrencies in the United States is still unclear. The CLO also said that the SEC’s strategy for regulating crypto via enforcement has been ineffective.
Alderoty said that the United States still needs a “rational, comprehensive, and understandable” regulatory framework for cryptocurrencies.
According to statistics provided by CoinGecko, the current price of XRP is over $0.70, representing a 0.4% gain over the last 24 hours.
Also Read: Bitcoin has the backing of well-known entrepreneur Tim Draper
