Ripple’s chief legal officer discusses a potential SEC appeal following the ruling in the XRP lawsuit

Judge Analisa Torres on Wednesday issued her final ruling in the lawsuit filed between Ripple and the U.S. Securities and Exchange Commission (SEC).

Ripple has been ordered to pay $125 million in fines, finally bringing an end to the lengthy lawsuit.

It is now known that the SEC may appeal the ruling, and Ripple’s chief legal officer, Stuart Aldroti, has already commented on the potential move.

Happy with the results

Alderotti responded to the ruling as follows:

“We feel good about this. When Ripple was first sued by the SEC nearly four years ago, we said we would fight this case, not just for ourselves, but for the entire crypto industry. Clearly, this administration, with the SEC and under this president, has taken an anti-crypto stance and is waging a war against crypto that is now raging in the courts.”

Alderotti explained the details of the ruling, explaining that while the court found Ripple guilty of certain historical sales dating back to 2015, the conviction only related to how those sales were organized. Ripple accepts the $125 million fine and is willing to pay it within the specified 30-day period.

Will the SEC appeal?

Aldroti expressed doubt that the SEC would appeal. He said the SEC has 60 days to make a decision, but he believes there should be no appeal if the Biden administration is serious about ending the “war on crypto.”

Ripple is now focused on growing its business internationally and in the US thanks to the clarity this statement provides.

Alderotti concluded his remarks by calling on the government to shift its focus from lawsuits to clear laws and regulations for the cryptocurrency industry. He stressed that the ongoing battle against cryptocurrencies has undermined the core mission of the SEC.

According to him, it is time to restart, with regulations that will allow the industry in the United States to flourish, just as it is already doing around the world. “We need to hit the reset button and look forward,” he concluded.

Trade €10,000 for free and get a €10 bonus

Do you want to get into the world of cryptocurrencies and maybe buy XRP or another cryptocurrency? Then take your chance now! Thanks to a special deal between Newsbit and Bitvavo, our readers get an exclusive offer.

Create an account with Bitvavo via the button below and get a welcome gift of €10 absolutely free. And that’s not all – you won’t pay trading fees on your first €10,000 of transactions for 7 days after registering your account.* Register now!

*Note: There is conditions Applies to upgrade.