Stuart Alderoty, chief legal officer at enterprise blockchain company Ripple, has clarified that a recent legal setback does not actually change anything about earlier wins.
Alderoty has stressed that XRP will remain a nonsecurity, meaning that it is safe from a regulatory standpoint.
Asreported by U.Today, Judge Analisa Torres recently rejected a joint motion for an indicative ruling.
The motion, which was filed by the SEC and Ripple, was meant to determine what her ruling would be if the case were to be remanded by the Second Circuit.
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Judge Torres ruled that the motion was "procedurally improper." The judge argued that the parties failed to satisfy the "heavy burden" for vacating the injunction and reducing the penalty.
Alderoty claims that the SEC and Ripple will jointly revisit the issue.
Legal "curveball"
Earlier this year, the SEC and Ripple reached a settlement, with the parties agreeing to drop the appeal and cross-appeal, respectively.
However, the settlement was conditioned upon Judge Torres amending the final judgment by lifting the injunction imposed against Ripple's institutional sales and dramatically reducing the fine.
During a recent livestream, pro-XRP lawyer John Deaton described the ruling as a "curveball."
"Today, there was a curveball in the Ripple case. I call it a curveball. Some people out there are minimizing this. I am not gonna minimize this," Deaton said.
According to Ripple, Judge Torres has signaled that she is not going to rubber-stamp anything, meaning that the parties will have to put together an argument that would convince her that modifying the final judgement would be in the public's best interest.
"Ultimately, this is going to be another speed bump along the way, but it is a curveball," Deaton stressed.
