Stuart Alderoty Foresees Potential SEC Setback
Ripple’s Chief Legal Officer, Stuart Alderoty, has suggested that the SEC may face a setback if Ripple takes their legal battle to the Supreme Court. This aligns with a trend of the Supreme Court ruling against the SEC in recent years. The statement follows a mixed ruling by Federal Judge Analisa Torres, which differentiated between Ripple’s direct sales to financial institutions and other types of XRP sales.
Judge Torres previously issued a partial ruling in favor of Ripple, stating that certain sales of XRP in the secondary market and programmable sales should not be considered security sales. However, direct sales to financial institutions still fall under this category. This ruling briefly affected XRP’s market value, causing it to reach $0.71 before declining.
The SEC also recently dropped personal legal actions against Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen after Garlinghouse expressed his willingness to escalate the fight to the Supreme Court during an interview at DC Fintech Week 2023.
Ripple’s Market Activities Amidst Legal Challenges
Despite its ongoing legal battle with the SEC, Ripple continues to make headlines with its market activities. Notably, 18,500,000 XRP was transferred to Bitso, a major Mexican crypto exchange. The transaction originated from a wallet linked to Ripple and highlights the ongoing partnership between the two entities. Bitso has become a key platform for Ripple Payments (formerly known as On-Demand Liquidity), solidifying their relationship since 2019.
This transaction showcases Ripple’s active involvement in the cryptocurrency market and emphasizes its commitment to partnerships and its role within the broader crypto ecosystem.
Hot Take: Ripple’s Legal Victory May Be on the Horizon
In light of Stuart Alderoty’s prediction and the mixed rulings in Ripple’s favor, there is growing speculation that Ripple could secure a legal victory against the SEC. If the case were to reach the U.S. Supreme Court, Ripple’s chances of success may increase based on recent trends favoring defendants against the SEC. This potential outcome could have significant implications for Ripple and the broader crypto industry as it could shape future regulatory actions and interpretations regarding digital assets.
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