Ripple Labs CLO has shared a note on X that signals victory in its ongoing legal brawl against XRP securities status
Stuart Alderoty, Ripple Labs Inc.’s Chief Legal Officer (CLO), has sparked fresh optimism about the prospect of XRP after sharing a post on X. Alderoty’s post essentially reflected Ripple’s legal battle with the Securities and Exchange Commission (SEC) and highlighted the significant legal victory that Ripple recorded against the SEC.
Ripple’s Legal Triumphs: A Beacon for the Crypto Industry
Notably, Alderoty acknowledged Ripple’s leadership and legal team. He commended Brad Garlinghouse, Ripple’s CEO, Chris Larsen, the Executive Chairman, and the legal team for their courage and resilience throughout the legal battle. He also appreciated some anonymous individuals who worked in the background to make things happen.
Alderoty’s post described the battle between Ripple and the U.S. SEC as the critical lawsuit that helped to defeat Gary Gensler, SEC Chair. According to him, Gensler embarked on an “inexplicable war on crypto.”
However, Ripple’s team resilience helped set a precedent for other crypto entities to defend themselves.
Ripple’s CLO suggests that his organization’s legal efforts kept the broader crypto industry alive during challenging times.
By fighting the legal battle, Ripple “kept the door open” for the crypto industry to flourish and seize new opportunities. Alderoty also appreciated the teeming members of the XRP community for their dedication, faith, and encouragement. He maintains that their support boosted the morale of the Ripple team involved in the fight.
The Ripple vs. SEC lawsuit commenced in 2020 when the regulatory body alleged that XRP violated certain guidelines. Notably, it claimed that XRP sales constituted an unregistered securities offering. Ripple strongly contested the claims, insisting that XRP’s classification as a security was wrong.
Gary Gensler’s Departure and Ripple’s Future
Over four years of legal battle, Ripple has secured some notable victories in court. Although the lawsuit is far from over, as both the SEC and Ripple have appealed, many see things unfolding in Ripple’s favor.
The optimism lies in Gensler’s announcement that he would step down as SEC Chair on January 20, 2025. On this same day, President-elect Donald Trump assumes office for a second term and will appoint a new SEC in January.
This has triggered speculation that the new SEC Chair could withdraw the legal suit against Ripple, which started during Gensler’s tenure. Some users on X, commenting on the post, suggested that Alderoty’s post sounded like a “victory speech.”
According to a user, XRPcryptowolf (@XRPcryptowolf), “Ripple’s top lawyer sounds confident like if they already know the new Trump administration is gonna withdraw the XRP case appeal.”
As of this writing, the positive sentiment triggered by Alderoty’s post has not impacted the price of XRP. XRP trades at $1.40, a 6.56% decline in the last 24 hours. Similarly, market volume has declined significantly by 28.20% to $11.37 billion. The coming days will reveal what the future holds for XRP.
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