Yuri Molchan
Ripple’s high-ranked executive has shared screenshot that hints that Ripple’s ultimate victory in court may not be too far away
Chief legal officer at Ripple Labs Stuart Alderoty has issued an X post that clearly hints that Alderoty believes the SEC is likely to lose its legal battle against Ripple. However, this may happen only if Ripple takes the case on to the U.S. Supreme Court.
Is Alderoty hinting that Ripple may win case soon?
Alderoty posted a screenshot with a quote from today’s issue of the Wall Street Journal. It says: “The Supreme Court has repeatedly ruled against the SEC in recent years.”
This summer, Federal Judge Analisa Torres issued a ruling partly in favor of Ripple. She stated that XRP sales made by the company on the secondary market and its programmable sales do not qualify as security sales. But direct sales to financial institutions do.
This ruling pushed the XRP price to a $0.71 high with a decline that followed soon.
This fall, the SEC regulator decided to drop personal legal cases against Ripple chief executive Brad Garlinghouse and the company’s cofounder and former CEO Chris Larsen.
At the start of November, Brad Garlinghouse said in an interview during the DC Fintech Week 2023 event that he is ready to transfer the lawsuit of the SEC against it to a higher level and take it to the U.S. Supreme Court.
Hence Alderoty’s X post was published today as he seems to be dropping a clear hint that should Ripple do it, the victory will not go to the SEC regulator.
Ripple moves millions of XRP to Bitso
In a recent X post, Whale Alert reported that 18 hours ago an unknown wallet shoveled a total of 18,500,000 XRP to the crypto unicorn Bitso, a major exchange located in Mexico.
Details acquired on Bithomp XRP analytics platform show that the sender address -Hh4Rzn is connected to Ripple; therefore, the transaction was initiated by the San Francisco-based fintech giant.
Bitso has been Ripple’s partner since 2019 when the major blockchain company invested an undisclosed amount into this crypto exchange. Since then, Ripple and Bitso have been working together – Bitso is a platform for Ripple Payments, known until recently as On-Demand Liquidity (ODL).
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.