Ripple General Counsel Outlines Ripple’s Plans if XRP Lawsuit Summary Judgment Favors SEC

The judge presiding over the XRP lawsuit is expected to hand out the summary judgment anytime; maybe as soon as the end of March, according to Stuart Alderoty.

Owing to this, the Ripple chief legal officer, who previously implied that the XRP lawsuit could involve the Supreme Court stated that any verdict in the case based on prejudgment is moot for Ripple now. 

He said, “They should not be prejudging the outcome of unresolved issues. They certainly should not be doing so in a very, very public way because it corrupts the process. It corrupts the perception of the process.”

Alderoty made this assertion in an interview round with Blockworks while also stating three directions the court could go regarding the summary judgment. First, the judge could side with the securities watchdog. Secondly, it could give a conclusion that favors Ripple and its two executives. Lastly, the judge could decide that both parties’ facts are disputed, hence, a need for a trial. 

Accordingly, the Ripple General Counsel highlighted the follow-up events the cross-border payment firm could take if the anticipated summary judgment favors the SEC instead. 

Stuart Alderory noted that Ripple can, and will, immediately appeal if the SEC’s summary judgment is not denied as predicted by the pro-XRP attorney John Deaton. An appeal would then take the case to the Supreme Court. But before the Supreme Court phase, the case would go before the United States Court of Appeals for the Second Circuit, he noted.  

Interestingly, Alderoty and John Deaton are confident Ripple would win in the Supreme Court if it gets to that level. 

Call for Regulations

On the other hand, the Ripple chief legal officer advised crypto firms positioned in the United States to move away to jurisdictions where there are clear rules and regulations. It is no longer news that the United States regulators have been hard with crypto companies within its region. 

Top players including Cardano (ADA) founder Charles Hoskinson, Coinbase CEO Brian Armstrong, and Ripple CEO Brad Garlinghouse continue to call on U.S. legislators to issue clear rules for the emerging industry to facilitate innovations. 

But Gensler continues his all-out attack on the crypto industry as he seeks to achieve regulation by enforcement. Earlier this week, the SEC chairman and Microstrategy founder Michael Saylor claimed that altcoins are securities.

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