In a major development in the brawl between Ripple Labs and the U.S. Securities Exchange Commission (SEC), Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, insinuated that Ripple could win the case with the SEC if the case spirals to the Supreme Court. This disclosure comes amidst past events between Rippe and SEC, where the court ruled in favor of Ripple. Alderoty quoted from the Wall Street Journal that the Supreme Court has repeatedly ruled against the SEC in recent years. Stuart Alderoty, CLO of Ripple, tweeted on X, how fallible the SEC really is.
Stuart Alderoty hinted that if the case goes to the Supreme Court, there is a possibility for Ripple to win the case and the SEC to encounter another setback. The main reason for the CLO of Ripple to assert this is due to the events that have transpired in the last few years, in which the rulings of the Supreme Court were mostly against the SEC.
He claimed that the SEC is anything but infallible; it is broken, bloated, and beleaguered. Furthermore, he asked people not to be intimidated when the SEC comes knocking.
In an earlier case this July between the SEC and Ripple, Federal Judge Analisa Torres partially ruled in favor of Ripple, stating that the XRP sales made by the company on the secondary market and its programmable sales do not qualify as security sales. The success in court made the price of XRP go to $0.71, followed by a sharp decline.
Another twist was the SEC’s decision to drop personal charges against Ripple’s Chief Executive, Brad Garlinghouse, and the Co-Founder & CEO, Chris Larsen, this fall. In an interview at the DC Fintech week 2023 event, Brad Garlinghouse said that he was ready to take the ongoing battle with the SEC to the Supreme Court.
Although Ripple is still navigating its way out of the legal battles, it continues to make headlines with its market activities. Whale Alert reported a transfer involving over 18,500,000 XRP from a wallet linked to Ripple to a Mexico-based crypto exchange, Bitso. The partnership between Ripple and Bitso dates back to 2019 when a major blockchain company invested large amounts into this crypto exchange. Bitso, formerly known as On-Demand Liquidity (ODL), has become a major platform for Ripple payments.
