Ripple Lawyer Says Ball Is Back in Company’s Court

Stuart Alderoty, Chief Legal Officer at Ripple, has reacted to the company’s major legal setback by stating that the ball is now in their court.

According to Alderoty, the company will have two options: pressing forward with the appeal or dismissing it.

As reported by U.Today, the court denied the joint motion for an indicative ruling filed by Ripple and the SEC.

Judge Analisa Torres noted that the company’s misconduct was serious and ongoing, adding that nothing has changed to amend the ruling. The court ruled that the parties failed to demonstrate any change in the facts, law, or public interest.

Ripple previously pointed to the SEC’s rapid dismantling of crypto enforcement, arguing that amending the final judgment from last August would put it on equal footing with other key industry participants, whose cases were dropped by the regulator. However, the judge noted that these companies did not face any penalties or injunctions.

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“If the parties genuinely wish to end this litigation today, they are free to withdraw their appeals,” the court said. 

What about XRP? 

It remains to be seen what Ripple’s next move is going to be following the recent setback. For now, the settlement remains in limbo. 

In the meantime, Alderoty has stressed that XRP’s legal status as a non-security remains unchanged after the recent ruling. Judge Torres previously ruled that secondary sales of the controversial token did not constitute investment contracts.  

Despite this, XRP is down 3% over the past 24 hours, which makes it the worst-performing token in the top 10.