Ripple chief legal officer Stuart Alderoty said he believes the most important part of the SEC and Ripple ruling is that the court made it clear that XRP itself is not a security.
In light of this, Alderoty noted that the XRP ruling is now a legal matter and does not need to go to trial.
Additionally, other non-judgmental findings include the following: sales by exchanges were not securities, sales by executives were not securities, and other XRP distributions to developers, charities, and employees were not securities.
While the XRP court ruling marks an important milestone for the entire cryptocurrency industry, Alderoty noted that he hopes Congress will use the ruling to create a clear regulatory framework.
While “interlocutory appeals are permitted, they are rarely granted in practice.” So if the SEC decides to appeal the court’s decision, it could be months or even years away.