Ripple's CEO has criticized the SEC for ignoring a court ruling that XRP is not a security and overstepping its legal authority. Ripple's legal chief, Stuart Alderoty, stated that the SEC's appeal will backfire and benefit the crypto industry. Despite missing the October 16 deadline, the SEC filed its Form C on October 17, detailing issues they plan to appeal, including Ripple's programmatic sales of XRP and the involvement of executives Brad Garlinghouse and Chris Larsen. The SEC's heavy-handed enforcement actions have led to over 20 lawsuits in 2023 alone, with the legal battle expected to continue into 2025. The appeal has been filed in the Second Circuit and the SEC is not contesting the $125M penalty.