Stuart Alderoty, Chief Legal Officer at Ripple, believes that the US Court of Appeals for the Second Circuit will support the ruling made by Judge Analisa Torres or potentially expand it. Alderoty states that a remand, where the appeal is sent back to a lower court, would be the best outcome for the Securities and Exchange Commission (SEC). In October, Judge Torres denied the SEC's request for their interlocutory appeal. The judge indicated that Ripple's defenses, including the "fair notice" argument, would still be considered if the case was remanded. The defense argues that Ripple and individuals involved were not aware that their actions were prohibited. However, the court rejected Ripple's claims that the SEC failed to provide guidance regarding institutional sales. Additionally, Judge Torres ruled that Ripple's programmatic sales to retail exchanges did not violate securities laws.



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