Ripple’s Chief Legal Officer, Stuart Alderoty, shared his views on the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). Alderoty considered the possibility of the second chamber approving or extending Judge Torres’ decision as the case progresses.
Possible Consequences of SEC Objection
Alderoty expressed doubts about whether the SEC’s appeal would be successful. The second circuit could confirm Judge Analisa Torres’ decision or extend her decision. However, according to Alderoty, it is unlikely that the SEC will send the case back further.
“In opposing Judge Torres’ decision, the SEC may argue that he is not of ‘ordinary/average intelligence.’ “It would be weird.”
Ripple’s Defense Strategy
Ripple plans to use the “Fair Notice” defense in the event of a pushback that would reintroduce its original defenses. This defense questions whether an ordinary person knows whether their actions are legal or not.
Alderoty compared the SEC’s determined approach to Ripple to works such as “Moby Dick” and “My Cousin Vinny” and emphasized that the SEC is extreme and determined against Ripple. These analogies highlighted the SEC’s insistence on market regulation.
In the early stages of the judicial process, the court ruled in favor of Ripple, rejecting XRP’s security status. Alderoty warned the XRP community about an important issue. Stating that the “XRP is not a security” decision in the summary judgment is still valid, the name pointed out a possible recovery in the XRP price.
Legal analysts stated that the SEC did not appeal some decisions, but the final judgment could still be discussed during the appeal process. Additionally, Ripple’s launch of the RLUSD stablecoin will be an important legal step taken by the Ripple team by gaining regulatory approvals in continuation of the last legal decision. This could support the price of XRP Coin as it could strengthen its legitimacy.
The current price of XRP is $0.54 and has increased by 3.5% in the last week. The market value of the cryptocurrency was recorded as 30 billion dollars and the 24-hour transaction volume was recorded as 622 million dollars.
As a result, while the legal fight between Ripple and the SEC holds an important place in the crypto market, Ripple’s strategic steps and the SEC’s regulatory approaches continue to affect market dynamics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
