Ripple’s chief legal officer noted that the US securities body lost the majority of the cases in the supreme court and XRP community supporter US attorney noted that Ripple will also win the case against SEC’s rude ruling.
XRP is a native token on XRP Leger (XRPL). Ripple labs is the engineering team behind XRPL. San Francisco-based Fintech company Ripple provides cross-border payment services with the use of XRP tokens under a decentralised environment. In Dec 2020, The United States Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple labs & its top executives over the sale of $1.3 billion worth of XRP tokens. The SEC agency alleged that XRP was unregistered security & Ripple violated the securities act by an unregistered security sale publicly.
On 20 Feb 2023, Stuart Alderoty, the chief legal officer at Ripple company, took to Twitter to inform the crypto community that the US SEC failed to win 4 out of 5 cases in the supreme court.
Ripple’s chief legal officer appreciated all those companies, which showed bravery against the bad rulings by the SEC agency.
John Deaton, a popular US attorney & XRP community supporter, also responded to this tweet and said that there is no doubt that Ripple will win in the XRP lawsuit and the supreme court will lower the SEC agency’s gross overreach.
Deaton also talked about the recent motion he filed in the Ripple vs SEC lawsuit and said that his motion was not in support of Ripple, instead it was against the SEC agency.