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Ripple vs SEC: Resolution Likely to Come in 2023 – Ripple’s Stuart Alderoty

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Sat, 04/23/2022 - 08:57
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Yuri Molchan
Ripple’s general counsel believes that the resolution of the Ripple case will come next year, while the SEC is hurting US crypto investors each day
Ripple vs SEC: Resolution Likely to Come in 2023 – Ripple’s Stuart Alderoty
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Stuart Alderoty, general counsel at Ripple Labs, has taken to Twitter to post a thread, in which he explains why the SEC’s case against Ripple may be over next year and to thank everyone who has been following the case so far.

“Ripple is pushing hard to resolve the case a.s.a.p.”

Thanking all those who have been watching the development of the case, Alderoty stated that both Ripple and the court are working hard, so he expects that the resolution will be achieved in 2023.

However, the SEC is trying hard to delay the day the legal case will come to an end.

In the thread, he stated that with each days of the case, the SEC is hurting US-based crypto investors who hold XRP as when the case was filed against Ripple in December 2020, XRP market cap of $15 billion was hit with a deadly blow, and that was a blow against investors, who the SEC claims to protect.

“The SEC is creating confusion in the crypto market”

Alderoty has reminded the community that when the regulatory agency filed the case against Ripple Labs, it never tried to get a permission from court to shut down XRP trading in the US. However, several crypto exchanges based in the country – Coinbase, Bittrex, etc – and in other parts of the globe suspended it, helping the SEC to achieve its goal anyway.

Besides, apart from fighting against Ripple, the SEC keeps the crypto market in the “cloud of uncertainty”, preventing it from expanding in the US, while according to the recent Biden EO research, around 40 million US citizens hold cryptocurrencies now. Despite this, the SEC keeps claiming that most of them are securities and demands more control over crypto exchanges.

While being unable to shut down any digital exchange in their jurisdiction, the SEC will use every possible tactic to create confusion in the crypto market.

Related
XRP Forms Important Pattern, Showing Breakout Potential

“Crypto talent, tech and wealth moving outside the US”

Criticizing the US authorities for the position have taken against the crypto industry, Ripple’s general counsel also reminded that at the moment the crypto industry’s exodus is taking place in the US as “crypto talent, tech and wealth” are moving to countries where the governments can offer rational regulation for the crypto industry. 

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and 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.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.