Ripple’s Chief Legal Officer Stuart Alderoty Asserts SEC Will Lose Its ‘Bullying’ Battle
The Ripple vs SEC lawsuit is entering the final stages after dragging over two years in court. The XRP community has been waiting for the litigation to end as soon as possible. Furthermore, the XRP market has significantly shrunk following the case proceedings.
Notably, XRP ranked third after Bitcoin and Ethereum before the SEC case began in late 2020. With several key exchanges in the United States, like Coinbase Global Inc., delisting XRP, the market share was poised to decline.
Nonetheless, Ripple has made significant progress in pushing the On-Demand Liquidity (ODL) payment technology to global cross-border payments, including Africa, Argentina, Belgium, and Israel, among others. As a result, the XRP price has managed to withstand pressures from the SEC.
According to the latest crypto data, XRP has a market capitalization of approximately $20,266,625,764 and a 24-hour trading volume of about $1,687,108,927. However, XRP is trading 88 percent down from its ATH, around $3.4, achieved about five years ago.
Ripple vs SEC Updates
The entire crypto industry follows the Ripple vs SEC lawsuit more than any other related case due to its effect on the future growth prospects of decentralized financial ecosystems. Moreover, should the SEC win and Ripple be charged with selling unregistered securities, then all other DeFi tokens will be at risk of a similar trend from the United States.
Worth noting that the United States controls approximately 25 percent of global trading activities, thus making it a major financial hub.
Nevertheless, Ripple’s legal team is confident the payment giant will win the case against Gary Gensler.
A similar notion has been echoed by Lawyer John E Deaton, who indicated Ripple would eventually win.
“I have no doubt Ripple will win, and the current Supreme Court will shut down the SEC’s gross overreach. West Virginia vs EPA case is all you need to read to agree with me. Ripple’s summary judgment brief is already an extremely well-written appellate brief,” Deaton asserted.