Ripple Case Update: SEC’s Appeal Confirms XRP Is Not a Security, Says Chief Legal Officer

On October 20, in a pivotal update regarding the ongoing Ripple case, Ripple’s Chief Legal Officer, Stuart Alderoty, reaffirmed that the U.S. SEC’s formal appeal has not changed the initial ruling which stated that XRP is not classified as a retail sales security. Alderoty emphasized on X that “the court’s decision that ‘XRP is not a security’ remains intact,” asserting its validity as the law of the land. The SEC’s appeal challenges crucial judicial findings, notably the determination that the non-cash distributions of XRP by Ripple executives, Brad Garlinghouse and Chris Larsen, did not breach securities regulations. Ripple is also set to file a Form C next week, in response to the institutional sales ruling, indicating a proactive approach in this legal battle. As both Ripple and the SEC prepare to prolong the appeal proceedings, these developments could significantly influence the regulatory landscape for digital assets moving forward.