Stuart Alderoty, Chief Legal Officer at Ripple, recently took social media to mock the U.S. Securities and Exchange Commission (SEC) following their latest legal setback. In a X post, Alderoty shared quotes from a 2nd Circuit Court of Appeals ruling in the case SEC v Govil, where the court sharply rejected the SEC’s arguments. This jab clearly indicates his growing confidence with its own legal dispute over classification of XRP.
A few of my favorite 2nd Circuit Court of Appeals quotes from the last time the SEC stuck its hand into that appellate buzz saw. [SEC v Govil] 1. “We do not agree with the SEC.”
2. “We are not persuaded” by the SEC’s arguments.
3. “The SEC’s counterarguments are unavailing.”— Stuart Alderoty (@s_alderoty) October 4, 2024
Why Alderoty Mocking the SEC?
Alderoty’s mockery stems from the XRP’s case against SEC, where Alderoty has been defending XRP against SEC’s claim of it being a security. By sharing the appellate court’s dismissal of the SEC’s arguments from another case, Alderoty is drawing a parallel to XRP’s own legal fight. He is signaling that the SEC’s arguments are increasingly being rejected in the court, possibly indicating that XRP’s case could see a similar outcome. This comes at a time when XRP and the crypto community are pushing back against what they see as regulatory overreach by the SEC.
Ripple’s Growing Confidence
Alderoty’s post is more than just a jab, it reflects a deeper confidence in Ripple. The court’s rejection of the SEC suggests that the agency may not have as strong a legal footing as it claims in other cases, including its dispute with Ripple. By making fun of the SEC, he is also blostering Ripple’s stance that the SEC’s case against XRP is flimsy and reflecting that Ripple has an upper hand in this case.
As the legal battle continues, the stakes remain high for both the sides. If Ripple prevails, SEC’s authority over cryptocurrencies will be limited and could reshape the regulatory guidelines for the digital assets.
Alderoty’s X post is a strong statement that things will turn in Ripple’s favor, and the court’s rejection of the SEC’s arguments in other cases only strengthens Ripple’s resolve.
Also Read: XRP Price Drop By 11%, Impact of SEC Appeal