Stuart Alderoty, the chief legal officer of Ripple, tweeted Wednesday that the business will prevail in its continuing legal battle with the U.S. Securities and Exchange Commission (SEC).
Alderoty posted a summary of the court’s most recent opinion, which also includes decisions on the planned expert reports from each party. According to Alderoty, the SEC’s expert on “reasonable expectations of an XRP purchase” and its expert who asserted to know what “caused” the price of the contentious coin to move were both rejected by the court in its ruling. Nonetheless, Ripple’s specialists, who offer testimony regarding the firm’s contracts, tax situation, accounting situation, and currency, were permitted to remain on the premises.
Alderoty continued by saying that Ripple has always felt strong in its position and that this confidence only increases with each verdict.
Ripple CEO Believes Us Crypto Industry Needs To Rebuild Trust
On March 7, Garlinghouse stated in a tweet that the industry must advance collectively and that this can only be done via utility and transparency. He gave the examples of FTX and Terra as businesses that destroyed confidence in cryptocurrencies.
Garlinghouse also noted that the Securities and Exchange Commission (SEC) has declared war on cryptocurrency, which is posing serious challenges for the sector. He slammed Gary Gensler, the chair of the SEC, for urging companies to register, claiming that there is no infrastructure in place for “registered tokens” to trade and that it is unclear what these tokens are.
The CEO of Ripple urged regulators to adequately oversee the sector, noting that several other G20 nations have already established frameworks and guidelines. He used the markets in crypto-assets (MiCA) rules adopted by the EU as an illustration of what the US could do.
In a recent interview with Bloomberg, Garlinghouse said that he anticipates the SEC’s XRP case would be resolved this year. The CEO of Ripple attacked the SEC’s approach to cryptocurrency regulation and stressed the significance of the action, which could have profound effects on the whole cryptocurrency industry.
However, he said that the lawsuit was actually about how the SEC was assaulting the entire sector rather than Ripple or XRP. The verdict in the lawsuit will have a major impact on the entire sector and set the stage for how cryptocurrency will be regulated in the United States.