Ripple’s chief legal officer Stuart Alderoty shared his thoughts on the future of the crypto world in 2024. He discussed Ripple’s legal dispute with the US Securities and Exchange Commission (SEC) and predictions about the impact of the judgment on Crypto-related regulations. and potential legislative challenges from the U.S. Congress.
Alderoty guess Possible resolution of Ripple’s case with the SEC in 2024 and warns against its persistent strategy “Editing via app” The SEC’s potential implications for the cryptocurrency industry are highlighted.
He also believes the judiciary will have an important role in limiting the SEC’s excessive powers, suggesting that ongoing legal conflicts could lead to a clash with the U.S. Supreme Court.
As for regulations, Alderoty expects US lawmakers to agree on the need to regulate cryptocurrencies. However, as other countries advance regulatory clarity and innovation, the United States expects a pause in enforcement that could leave crypto firms exposed.
SEC in 2020 A lawsuit was filed against Ripple Labs and current and former CEOs. The SEC alleged that the executives held a meeting.initial public offering XRP (XRP), according to the Commission, was an unregistered title at that time. According to the lawsuit, Ripple raised funds by selling XRP tokens to investors in the United States and around the world.
Related: Ripple publishes white paper on CBDCs and reiterates its confidence in their potential.
In July, Ripple scores a legal victory against the SECA judge granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security but relates only to programmatic sales on digital asset exchanges.
However, the SEC also managed to score a victory of its own when a federal judge ruled that XRP is a security when sold to institutional investors because it meets the conditions established by the Howey test. Since that time, Major US exchanges relisted XRPresulting in an impressive 83% increase in value.
Analysts and cryptocurrency fans argue that the legal battle between Ripple and the SEC continues hindered its growth and acceptance In the United States. Pro-XRP lawyer John Deaton said the case was exploited and stated that evidence obtained over the past three years supports this claim. Despite Ripple’s global success, the case hurt XRP’s adoption in the US, according to Deaton.