On October 16, Ripple Labs Chief Legal Officer Stuart Alderoty said that as the SEC prepares to appeal a federal judge's decision involving XRP, the agency will face another defeat. "It would be counterproductive for the SEC," he said in an interview. "I feel good about our case in the Southern District of New York and even better about the Second Circuit." When the SEC first filed its case against Ripple and two of its executives in 2020, the company publicly declared that its legal fight was "on behalf of the entire industry", Mr. Alderoty said, adding that the move showed the SEC was "going to take action against the entire industry".