Ripple CLO Hints That SEC May Lose If Ripple Case Taken to Supreme Court
Chief legal officer at Ripple Labs Stuart Alderoty has issued an X post that clearly hints that Alderoty believes the SEC is likely to lose its legal battle against Ripple. However, this may happen only if Ripple takes the case on to the U.S. Supreme Court.
Is Alderoty hinting that Ripple may win case soon?
Alderoty posted a screenshot with a quote from today’s issue of the Wall Street Journal. It says: “The Supreme Court has repeatedly ruled against the SEC in recent years.”
Today’s Wall Street Journal: “The Supreme Court has repeatedly ruled against the SEC in recent years.” The SEC is anything but infallible; it is bloated, broken and beleaguered. Don’t be intimidated when they come knocking. pic.twitter.com/2KG8yml0aY
— Stuart Alderoty (@s_alderoty) November 30, 2023
This summer, Federal Judge Analisa Torres issued a ruling partly in favor of Ripple. She stated that XRP sales made by the company on the secondary market and its programmable sales do not qualify as security sales. But direct sales to financial institutions do.
This ruling pushed the XRP price to a $0.71 high with a decline that followed soon.
This fall, the SEC regulator decided to drop personal legal cases against Ripple chief executive Brad Garlinghouse and the company’s cofounder and former CEO Chris Larsen.
At the start of November, Brad Garlinghouse said in an interview during the DC Fintech Week 2023 event that he is ready to transfer the lawsuit of the SEC against it to a higher level and take it to the U.S. Supreme Court.
Hence Alderoty’s X post was published today as he seems to be dropping a clear hint that should Ripple do it, the victory will not go to the SEC regulator.
Ripple moves millions of XRP to Bitso
In a recent X post, Whale Alert reported that 18 hours ago an unknown wallet shoveled a total of 18,500,000 XRP to the crypto unicorn Bitso, a major exchange located in Mexico.
🚨 18,500,000 #XRP (11,211,064 USD) transferred from unknown wallet to #Bitsohttps://t.co/Sqz0kWuccD
— Whale Alert (@whale_alert) November 29, 2023
Details acquired on Bithomp XRP analytics platform show that the sender address -Hh4Rzn is connected to Ripple; therefore, the transaction was initiated by the San Francisco-based fintech giant.
Bitso has been Ripple’s partner since 2019 when the major blockchain company invested an undisclosed amount into this crypto exchange. Since then, Ripple and Bitso have been working together – Bitso is a platform for Ripple Payments, known until recently as On-Demand Liquidity (ODL).