Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has expressed optimism regarding the company’s progress in the SEC lawsuit. He made this statement shortly after the SEC publicly submitted its redacted reply and supporting briefs related to remedies in response to Ripple’s opposition. Alderoty believes that the SEC’s reply brings Ripple closer to resolving the lawsuit.
However, Alderoty also acknowledged that while Ripple is nearing the end of the SEC lawsuit, other crypto businesses are just beginning their legal battles against the regulatory agency.
The SEC v. Ripple lawsuit officially began in December 2020 when the SEC charged Ripple with violating U.S. securities laws by offering and selling XRP as an unregistered security. This legal battle had a significant impact on Ripple’s business and the value of its affiliated cryptocurrency, XRP, particularly in the U.S. As a result, Ripple shifted its focus to non-U.S. clients, while several trading platforms in the U.S., including Coinbase and Kraken, delisted XRP. However, after Judge Analisa Torres declared XRP programmatic sales as non-investment contracts, these exchanges reversed their decisions and relisted the coin.
Despite the lawsuit lasting nearly three and a half years, the SEC’s latest reply brings Ripple closer to the end of this long legal battle. Judge Torres will now schedule a date to issue the final verdict, which could be released at any time. Crypto expert Ashley Prosper predicts that the verdict will likely come between July and September.
While Ripple is nearing the resolution of its lawsuit, other crypto-related businesses like Coinbase, Binance, and Kraken are just beginning their own legal battles with the SEC. Additionally, the SEC has issued a Wells Notice to Ethereum and Robinhood, indicating that an enforcement action against them is imminent.
Alderoty criticized the SEC’s remedies reply, accusing the regulator of not applying the law faithfully in an attempt to deceive the judge. Nevertheless, he expects the judge to be impartial and fair in her ruling regarding the remedies.
In a tweet, Alderoty also pointed out that the SEC disregarded other international financial regulators in its recent filing. He highlighted an excerpt from the SEC’s reply brief that likened crypto licenses issued by these regulators to fishing licenses. Alderoty believes that this characterization indirectly undermines the credibility of these international regulators.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
