The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) which began in December 2020 with the arrival of Joe Biden as US president has now continued for 4 long years. Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, is calling for its end and urging the incoming Donald Trump administration to conclude this legal battle.
Alderoty’s Request to End the “Lawless Lawsuit”
The Ripple lawsuit, which began over accusations of raising $1.3 billion by selling XRP as unregistered securities, marks its fourth anniversary. Meanwhile, Alderoty took to X to demand an end to what he described as a “lawless lawsuit.”
On this 4th anniversary of the SEC’s lawless lawsuit against Ripple, Brad, & Chris, we urge the incoming administration to cleanse the lingering stain of Hinman from the agency. There’s much more to do to repair the damage, but let’s start by restoring trust.
— Stuart Alderoty (@s_alderoty) December 22, 2024
In July 2023, Judge Analisa Torres ruled that XRP did not violate securities laws, and other judges in the case criticized the SEC for acting “arbitrarily and capriciously,” further damaging its reputation.
Alderoty urged the incoming administration to address the confusion caused by former SEC official William “Bill” Hinman, whose statements on crypto regulations have created conflict in the industry.
He even believes that with a crypto-friendly SEC chair like Paul Atkins, there’s a chance to rebuild confidence and bring the clarity the industry desperately needs.
Progress in Ripple’s Legal Battles
Despite the ongoing challenges, Ripple has made significant strides in its legal battles. The SEC is set to file its opening brief by January 15, just before Gary Gensler steps down as SEC Chair.
The agency is appealing a previous ruling that favored Ripple, particularly regarding XRP’s distribution and sales.
Separately, a class action lawsuit against Ripple, its subsidiary XRP II, and CEO Brad Garlinghouse is nearing resolution. A district court recently ruled in Ripple’s favor, and both parties have agreed to expedite the final judgment.
Impact On XRP Price
Overall the lawsuit has impacted the XRP price strongly as it plunged from its ATH of $3.38 to $0.15. Amid so many challenges, XRP price has made an almost 500% jump in the past month and now currently sitting at $2.18.
Meanwhile, some analysts suggest that if XRP stays above the 26 EMA, it could attract more buyers, pushing the price to $2.40. Increased transaction volume may confirm a recovery, with the potential for a rise to $2.60 and $3.
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