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Best Ripple Lawyer Stuart Alderoty has compelling comments for the United States Securities and Exchange Commission (SEC) and its chairman, Gary Gensler.
In a tweet, Alderoty claims that the SEC is losing its legal battles and is also being criticized by judges.
More recently, Ripple’s general counsel pointed to the SEC’s loss in the Govil case. This development, which he defined as “no harm, no foul,” could have broader implications for Ripple’s ongoing legal battle with the SEC.
In August, asset manager Grayscale won a major legal victory against the SEC, with a federal judge criticizing the SEC for being “arbitrary and capricious” and saying it was wrong to reject Grayscale’s application to launch a Bitcoin ETF.
Ripple scored a significant victory in July when a judge decided that XRP was not a security in itself. The SEC’s request for an interlocutory appeal was subsequently denied. The SEC then dropped its charges against Ripple executives Brad Garlinghouse and Chris Larsen in October.
The SEC filed a lawsuit against Ripple and two of its executives in December 2020, alleging that they raised more than $1.3 billion through an unregistered digital asset securities offering.
The complaint alleged that Ripple raised funds, beginning in 2013, by selling XRP in an unregistered securities offering to investors in the US and around the world.
In this regard, CryptoLaw founder John Deaton believes that Ripple will essentially reduce fines, citing the Supreme Court’s Morrison ruling, which specifically excludes sales outside the US.
As noted above, the next phase in the Ripple case is a remedy discovery process, for which Judge Torres has already established a timeline.
