TL;DR

• The SEC continued the legal battle with Ripple by filing an official appeal on a specific summary judgment.
• The company’s CLO likened the regulator’s desire to prevail in the case to the tragic end of Captain Ahab from the novel Moby Dick.

What Does the SEC Hope for?

The legal tussle between Ripple and the US Securities and Exchange Commission (SEC) seems nowhere near its end following the latest move by the agency. Recall that it officially appealed a 2023 verdict of Judge Analisa Torres, which determined that the firm’s XRP sales to retail investors on crypto exchanges did not violate US securities laws.

This means that the case will enter a new phase comprised of filings and a briefing process, with its official end most likely delayed for another few years. 

Several industry participants gave their two cents on the possible consequences of the appeal. One of those is Ripple’s chief legal officer – Stuart Alderoty. He claimed that the Second Circuit Court of Appeals will either affirm Judge Torres’ decision or expand it. 

“The best the SEC can hope for (and it’s a remote hope) is a remand,” Alderoty added.

The exec also outlined the SEC’s attempt to