Ripple Chief Legal Officer Stuart Alderotti announced that the company has filed a cross-appeal in its case against the U.S. Securities and Exchange Commission (SEC), following an SEC appeal seeking to overturn parts of Judge Analisa Torres’ ruling on XRP.
Challenges Facing ETPs
Legal expert James Murphy expressed concern that the SEC’s appeal could negatively impact approvals for XRP-linked ETFs, as it requires the currency to be recognized as a commodity.
Uncertainty and regulatory pressure
Murphy believes that market uncertainty could prompt the SEC to reject these products, leading to further legal challenges, similar to previous experiences with Bitcoin.
The importance of fair notice
Murphy called for a clear legal framework to govern cryptocurrencies, noting that the current ambiguity undermines the rule of law and stifles innovation in the sector.
