Ripple’s legal counsel, Stuart Alderoty, has expressed his belief that the position of the US Supreme Court aligns with Ripple’s stance in its ongoing legal battle with the Securities and Exchange Commission (SEC). This revelation has provided a glimmer of hope for Ripple and its native cryptocurrency, XRP, as they navigate the complex regulatory landscape.
Friday is for the legal nerds – yesterday in its Twitter opinion, the Sup Ct made clear that you don’t just mechanically apply factors from an old case. You must adapt them to a new world by looking at the underlying statute and the “soil” of the common law that comes w/ it. 1/2
— Stuart Alderoty (@s_alderoty) May 19, 2023
To further complicate matters, the Court has granted Ripple and the SEC an additional week to file their redacted documents. This extension allows both parties more time to present their arguments and strengthen their respective cases. Such a decision signifies the Court’s commitment to ensuring a fair and thorough examination of the legal issues at hand.
Ripple VS. SEC: The Battle Continues
The legal dispute between Ripple and the SEC began in December 2020 when the SEC filed a lawsuit against Ripple Labs, alleging that the sale of XRP tokens constituted an unregistered securities offering. Since then, Ripple has denied these allegations, contending that XRP is not a security but rather a digital currency. This fundamental disagreement lies at the heart of the legal confrontation.
— Eleanor Terrett (@EleanorTerrett) May 19, 2023
Stuart Alderoty, Ripple’s legal counsel, recently expressed his belief that the position of the US Supreme Court is consistent with Ripple’s argument. While Alderoty did not provide specific details about the Court’s position, his statement reflects the confidence Ripple has in its legal strategy and its expectation of a favorable outcome. This alignment with the highest court in the land strengthens Ripple’s position and bolsters the company’s determination to fight for the recognition of XRP as a digital currency.
Moreover, crypto attorney and XRP holder, John Deaton said that If the Hinman emails were likely to result in a settlement, the SEC would hand them up to Ripple without waiting for a court order to request that it do so. Any attempt to keep the documents secret at this time, he said, would probably fail.
A lot of comments about whether this delay is for settlement discussions. If the Hinman emails were going to lead to a settlement it would’ve been before they turned them over to Ripple. IMO, the SEC has accepted that the Hinman emails are eventually going to be made public. https://t.co/Plo9Vw4ER7
— John E Deaton (@JohnEDeaton1) May 19, 2023
Amidst these legal developments, XRP has witnessed a notable surge in value, growing by 9% over the past week. This increase indicates a positive market sentiment towards Ripple’s legal prospects and a growing investor confidence in the cryptocurrency. Ripple’s supporters interpret this price movement as a validation of their belief in the company’s mission and the potential utility of XRP.