XRP Lawsuit: Ripple CLO Says SEC Has Only 10% Chance of Winning the Appeal

Ripple CLO says that he wouldn't be surprised if the SEC appeals the XRP lawsuit decision. However, the regulator has 10% chance of success.
By Bhushan Akolkar
Ripple SEC Case XRP lawsuit US SEC appeal

Highlights

  • Ripple CLO said that the SEC can't change the courts ruling on XRP's secondary market sales and they they don't qualify as securities.
  • Stuart Alderoty also said that if the SEC would be rational, they won't appeal moving ahead.
  • Ripple plans to pay the $125 million in the next 24 days and bring an end to the XRP lawsuit saga.

Concerns regarding the XRP lawsuit continuation continue to hover around once again with the probability of the U.S. Securities and Exchange Commission (SEC) appealing the court decision of $125 million in fine to Ripple. But Ripple Chief Legal Officer (CLO) Stuart Alderoty stated that the SEC has just a 10% chance of winning the appeal if they do.

Advertisement
Advertisement

The XRP Lawsuit Resolution in 24 Days

In his latest interview, Stuart Alderoty said that the SEC has very little chance of winning the appeal and added that they are eying a resolution in the XRP lawsuit just 24 days from here onwards. Ripple has already shown intentions to repay the $125 million penalty and settle the case once and for all.

Alderoty also expressed skepticism regarding the SEC’s decision to appeal the recent court ruling on XRP. He also said that if the SEC acted rationally, it would refrain from appealing in the XRP lawsuit. However, considering the SEC’s past approach to crypto regulations, the regulator is far from rational, said Alderoty.

The Ripple CLO also stated that he wouldn’t be surprised if the SEC appeals in the ongoing Ripple vs SEC battle. But historically, less than 10% of appeals in the second circuit have resulted in the reversal of lower court decisions. Regardless of the appeal, Alderoty stated that the court’s ruling stands that XRP secondary market sales are not classified as securities under current law.

Advertisement
Advertisement

XRP ETF on the Cards?

With the XRP lawsuit coming to a settlement phase, market analysts have started stressing about having the XRP ETF soon. Even top market players like Binance US shared an overview of XRP recently showing that they are willing to look past the SEC lawsuit and work on the next phase of growth for the altcoin.

The XRP price made a brief attampt to surge past $0.65 following the $125 million Ripple penalty. However, the broader market volatity pushed it under the crucial support of $0.60 and it is currently hovering around $0.567 as of press time.

Advertisement
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.