Stuart Alderoty, the General Counsel of Ripple, has indicated that the judge’s decision in the ongoing legal dispute between Ripple and the SEC in the United States could be announced by the end of this month.
In an interview with Blockworks on Thursday, Stuart Alderoty confirmed the possibility of the judge’s ruling in the Ripple vs. SEC case being announced by the end of this month, which is in line with Attorney James K. Filan’s earlier prediction. However, Ripple executives have previously suggested that the ruling may come within the year’s first half, although this estimate is more optimistic.
Alderoty mentioned during the interview that the summary judgment in the Ripple vs SEC case could have three potential outcomes. Firstly, the judge could decide to proceed with a trial if there are unresolved facts, a possibility that Attorney John E. Deaton, the founder of CryptoLaw, has predicted as likely in recent months.
Alderoty believes that if Judge Analisa Torres rules in favor of the SEC’s motion for summary judgment, Ripple will appeal the decision and, if necessary, take it all the way to the U.S. Supreme Court. He is optimistic about the outcome of the Supreme Court because he thinks the court currently has a conservative majority against excessive government control. It is relevant to note that Deaton also supported this idea by mentioning West Virginia v. Environmental Protection Agency case.
However, the counsel stated that if the court rules in favor of Ripple, the company could grow its business in the United States, which the ongoing legal battle with the SEC has hindered.
“We [would] have this incredible business opportunity in the U.S. that is evergreen for us,” the Ripple lawyer said.
Fox journalist Terrett highlights Alderoty interview:
“A summary judgment is expected any day; Alderoty said maybe as soon as the end of this month.”
Notably, the attorney admonished crypto startups to build outside the U.S.
“Go to a jurisdiction where the rules are clear, not light-touch, but clear,” Alderoty urged.
Due to the absence of a well-defined regulatory framework for cryptocurrencies in the United States, regulators, especially the SEC, have been using enforcement actions to establish their authority over the emerging market. They have relied on laws originally designed for the traditional financial system, which has existed for several decades. The SEC’s lawsuit against Ripple and its top executives, which is focused on determining whether XRP is a security, has been ongoing for over two years.