Crypto trial: The SEC, an Eternal Loser? Ripple's Lawyer Weighs In

We have often heard pro-crypto lawyers argue that the SEC no longer has any chance of defeating Ripple in court. Even Ripple’s lead token issuer attorney, Stuart Alderoty, has made similar remarks recently. Close-up!

Ripple’s significant victory against the crypto regulator

On October 20th, Ran Neuner, the founder of Crypto Banter, spread the word on Twitter about the imminence of a counter-attack by the SEC, knowing that they have the right to do so following a withdrawal. However, pro-crypto lawyer John E. Deaton made this resounding remark: “it is incorrect to say that the SEC can immediately appeal”.

The SEC is losing in court; being criticized by Judges for shady behavior; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage. Gensler – admitting no fault – has become the insulate Col. Jessep. pic.twitter.com/vqjPPcifr8

— Stuart Alderoty (@s_alderoty) November 16, 2023

“The SEC loses lawsuits, it is criticized by judges for its dubious behavior, is reprimanded by the government’s internal auditor, hides information about meetings with a criminal, and becomes irrelevant on the international stage. Gensler – who admits no fault – has become Colonel Jessep who isolates himself.”

Drawing on this tweet, U°Today rightly described Alderoty’s words as “direct remarks” to the United States Securities and Exchange Commission and its chairman Gary Gensler. Ripple’s lead counsel did not mince words in stating that the SEC has lost and will continue to lose its legal battles. Even the judges did not hesitate to criticize the cryptocurrency market regulator for its “dubious” behavior.

The institution’s meetings with “a criminal” have been pointed out by Ripple’s chief legal officer.

Moreover, Gary Gensler, who has always been criticized by the crypto community, was described as “isolated Colonel Jesseup” by Alderoty. This colonel is one of the main characters from the movie “A Few Good Men”.

Loser one day, loser always?

“The SEC loses lawsuits,” notes the Ripple attorney. He is absolutely right to mention it, since the crypto regulator has utterly failed:

• in the Aaron Govil case, where the financial watchdog had its crippling restitution claim dismissed;
• against Grayscale where the SEC was described as “arbitrary and capricious”;
• in the battle against Ripple, especially after Judge Analisa Torres ruled that XRP itself does not constitute a security last July;
• and recently against Brad Garlinghouse and Chris Larsen.

John Deaton, founder of CryptoLaw, who initially predicted a $770 million fine at the end of the Ripple vs SEC case, recently revised this amount downwards. In his opinion, the issuer of the XRP cryptocurrency will not have to pay such a sum since the Supreme Court, in front of which Brad Garlinghouse assures another victory, will not take into account token sales outside the United States.