- Ripple’s general counsel Stuart Alderoty says Ripple has fought the SEC gallantly for the entire crypto industry
- Ripple has recently filed its motion in support of moving to summary judgment, the last stage of the case
The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has entered the last round according to Stuart Alderoty, the general counsel of the San Francisco, California-based financial technology company.
Alderoty informed the community via a tweet, that Ripple has made its final submission in the case asking the court to grant judgment in its favor. He also stated that the company is proud of the defense it has mounted on behalf of the entire crypto industry while playing right by the court.
This is our final submission where we ask the court to grant judgment in our favor. After two long years, Ripple is proud of the defense we’ve mounted on behalf of the entire crypto industry. We have always played it straight with the Court. Can’t say the same for our adversary.
— Stuart Alderoty (@s_alderoty) December 2, 2022
His remark is coming after Ripple and Ripple defendants—CEO Brad Garlinghouse and co-founder Chris Larsen—filed a reacted reply in support of a motion for summary judgment.
In the motion, Ripple argued that the SEC’s opposition to moving to summary judgment should be pushed aside as the securities regulator has failed to present proof that XRP was an offer or sale of an investment contract and why it is a security under federal securities laws.
Brad Garlinghouse has also weighed in on Alderoty’s latest remark on Twitter. The CEO congratulated the Ripple team for getting to the final stage of the case in keeping with his promise from day one that the company would “aggressively fight to get clear rules for the entire industry in the U.S. He added that he looks forward to “being on the right side of justice.”
XRP could skyrocket when the case is settled
The case which has been dragging on since Dec. 2020 has long been noted to be keeping XRP, the native token of the Ripple-developed blockchain XRP Ledger, undervalued. This is because the SEC’s allegation that the token is a security has done severe damage to investor confidence in the project as it also means all sales of the token including secondary sales on exchanges have amounted to unregistered security offerings.
XRP is currently trading at around $0.39, up 1.11% in the last e4 hours at the time of writing. This represents an 89.7% drop from its all-time high price reached back in 2018.
However, XRP holders, who have so far been deeply involved in the case as third-party friends of the court, are confident that the price of XRP will skyrocket once the case is settled, probably even surpassing its previous ATH.
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