NewsletterXRP Lawsuit: Ripple CLO Says SEC Has Only 10% Chance of Winning the 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.
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.
🚀 **XRP Community!** Here’s the scoop: @s_alderoty hints at a 10% chance of the SEC winning on appeal if they choose. Ripple will pay the fine, we’re looking at a resolution within 24 days. **Bullish vibes** – let’s get this party started! #XRP #LFG pic.twitter.com/ZYH3X6m2jM
— Brett Hill (@Brett_Crypto_X) August 15, 2024
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.
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.
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