SEC Expected to Appeal Ripple Case by Agency’s Former Lawyer

According to Fox Business reporter Eleanor Terrett, a former SEC lawyer has predicted that the agency will end up appealing the Ripple case.

The SEC appeal will center around the controversial July 2023 court ruling, which recognized secondary XRP sales as non-securities. 

The lawyer cited by Terrett claims that "everyone" at the agency is convinced that the controversial decision made by US District Judge Analisa Torres was actually "wrong." 

Notably, the ruling faced a lot of criticism, with U.S. District Judge Jed Rakoff rejecting the idea of drawing the distinction based on how tokens were sold. 

Following the final judgment in the Ripple case, there has been plenty of speculation about the SEC's next move. 

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It is worth noting that the agency is supposed to appeal the case by Oct. 7. For now, the SEC likely remains on the fence about challenging the ruling. 

Stuart Alderoty, Ripple's top lawyer, said that he would not be surprised by an SEC appeal. However, he is certain that the legal status of XRP will not be affected since this is "the law of the land." 

As reported by U.Today, SEC boss Gary Gensler recently reiterated that he views Bitcoin as a commodity. However, the legal status of the vast majority of other tokens remains unclear.  

Last year, Gensler commented that the agency was "assessing" the controversial ruling.    

Earlier this month, attorney Fred Rispoli argued that the XRP community should not fret about the SEC's possible appeal since the existing ruling is unlikely to be altered until at least 2026.