According to Odaily, Ripple's Chief Legal Officer Stuart Alderoty recently commented on the U.S. SEC's formal appeal in the Ripple case, affirming that the ruling which determined XRP is not a retail security remains unchanged. Alderoty stated on X, 'This is not surprising at all—once again, everything is clear. The court's ruling that 'XRP is not a security' has not been appealed. This decision is the law of the land.'
In its appeal, the SEC has challenged several key rulings, including the decision that Ripple executives Brad Garlinghouse and Chris Larsen's non-cash XRP distributions and sales did not violate securities laws. Ripple plans to file its own Form C next week as a cross-appeal against the institutional sales ruling. Both parties are preparing for an extended appeals process, which could impact the future classification and regulation of digital assets.
Previously, it was reported that the U.S. SEC had formally appealed Judge Analisa Torres' ruling on XRP. On Thursday, the regulatory body submitted Form C to the U.S. Court of Appeals for the Second Circuit.
