- SEC maintains its appeal schedule against Ripple despite upcoming leadership change.
- Ripple CLO Stuart Alderoty criticizes SEC’s decision as wasteful of resources.
- Current SEC Chair Gary Gensler’s departure set for January 20.
- Ripple faces $125 million liability from August 2023 judgment.
- Company expresses confidence in appeal outcome and hopes for resolution with new SEC leadership.
SEC Pursues Ripple Appeal Despite Leadership Transition
The U.S. Securities and Exchange Commission (SEC) will proceed with its appeal against Ripple despite the imminent departure of Chair Gary Gensler, according to the blockchain company’s chief legal officer. The regulator’s persistence signals continued regulatory pressure on cryptocurrency firms.
Legal Battle Continues
Stuart Alderoty, Ripple’s chief legal officer, confirmed on X that the SEC maintains its timeline for filing appeal briefs. The ongoing legal dispute stems from an August 2023 ruling where Ripple was found liable for $125 million in connection with XRP sales classified as unregistered securities.
Historical Context and Implications
The SEC’s enforcement action against Ripple, initiated in December 2020, represents one of the most significant cryptocurrency-related cases in U.S. regulatory history. The case centered on whether XRP, the digital asset associated with Ripple’s payment network, constituted a security under U.S. law.
Alderoty expressed criticism of the SEC’s decision, stating: "What a waste of time and taxpayer dollars." However, he maintained Optimism about working with incoming SEC leadership, suggesting potential for a different approach to cryptocurrency regulation under new administration.
The continuation of this case exemplifies the SEC’s consistent stance on cryptocurrency enforcement, regardless of internal leadership changes. For cryptocurrency companies and investors, this signals that regulatory scrutiny of digital assets remains a priority for the commission.
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