Stuart Alderoty, Ripple‘s Legal Director, recently commented on the ongoing legal confrontation between Ripple and the SEC. He assessed the potential outcomes as the appeal process continues, specifically focusing on the Second Circuit’s reaction to Judge Torres’s prior ruling.
What Are the Likely Outcomes of the SEC Appeal?
Alderoty expressed skepticism about the SEC successfully overturning the initial decision. He suggested that the Second Circuit might confirm or expand upon Judge Torres’s ruling but indicated that the likelihood of the case being sent back for further examination is minimal.
How Will Ripple Respond to a Remand?
Should the case be remanded, Ripple intends to invoke its “Fair Notice” defense, which challenges the clarity regarding the legality of their actions. Alderoty likened the SEC’s aggressive pursuit of Ripple to classic literary works, emphasizing the commission’s unwavering commitment to market regulation.
Key takeaways from Alderoty’s insights include:
- The SEC’s chances of success on appeal appear low.
- Ripple’s Fair Notice defense may be pivotal in future proceedings.
- The recent ruling declaring XRP not a security remains crucial for market confidence.
- Regulatory approval for the RLUSD stablecoin could strengthen Ripple’s market position.
Currently, XRP trades at $0.54, reflecting a 3.5% increase over the last week, with its market capitalization at $30 billion and a trading volume of $622 million in the past 24 hours. The outcome of this legal battle is likely to continue influencing both Ripple’s standing and the broader cryptocurrency market dynamics.