- Ripple’s Chief Legal Officer Stuart Alderoty said the current brawl with SEC may end this month.
- All eyes are on what the impact will be on the XRP coin should Ripple win the regulator.
Lawyers representing the American blockchain payments firm, Ripple Labs Inc are optimistic that the ongoing lawsuit between the company and the United States Securities and Exchange Commission (SEC) is likely to end in no distant time.
Stuart Alderoty, the company’s Chief Legal Officer (CLO) revealed this in an interview with Blockworks recently, noting that the much-expected summary judgment is bound to be given at any time around the end of this month. This insight has sent renewed tension into the community with a number of permutations and predictions now ongoing.
Since the lawsuit was filed against Ripple by the SEC in the fourth quarter of 2020, a lot has happened to the company, and the core subject of the lawsuit, XRP. With many exchanges unsure of how to relate with the coin, many delisted it from their platforms while the more considerate ones just suspended trading indefinitely.
For the company, its tainted lawsuit against the SEC also caused it to lose some of its business partners in the US with the biggest name being Moneygram International. With respect to where it is currently, Alderoty pointed out that the lawsuit could go in three different ways at the moment.
The first is that the Judge could choose to side with the SEC on the basis that XRP was indeed sold as a security. Alternatively, the court could side with Ripple or a decision may be made that the case should proceed to trial on the basis of lack of enough facts.
Of these three, only a pronouncement for Ripple could be tagged as a landslide victory, however, chances are that the case may progress all the way to the Supreme Court.
I would be supremely confident that this is a winner in the Supreme Court, not so much because of the crypto issues but because of the guarding against building an administrative state,
He said in a nod to the Court’s current conservative majority.
Ripple Win over SEC: Implications for XRP
Should a win be recorded by the payments firm at the end of this month, it may result in a cataclysmic jump in the price of XRP coin. The digital currency is currently changing hands at $0.3416, down by 6.08% over the past week.
A win per the lawsuit means quite a lot for the digital currency. It implies that every regulatory hurdle surrounding it will be a thing of the past and the trading platforms that had once delisted it may now relist it beginning with the likes of Coinbase Global Inc.
The combination of new and existing partners as well as both retail and institutional investors that will now be backing the coin will undoubtedly help push the price of the asset to a new high. While $1 is a huge level from where it is, many are optimistic that the coin’s growth may even surpass this level in due time.
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