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Alderoty has revealed the next steps the company will take if the SEC is declared the winner of the summary judgment.
Stuart Alderoty, Ripple’s general counsel, has revealed that the blockchain company will immediately appeal its case against the SEC if Judge Analisa Torres grants summary judgment in the regulator’s favor. Alderoty made this known in an interview with Blockworks yesterday.
Possible Outcome of Ripple’s Lawsuit
There are three possible outcomes in the Ripple v. SEC lawsuit, Ripple’s general counsel said. According to the outspoken general counsel, Judge Torres could grant summary judgment in Ripple’s favor. Secondly, he asserted that the judge could rule that there are disputed facts, which will be resolved through trial.
Thirdly, Alderoty noted that Judge Torres could grant summary judgment in favor of the Securities and Exchange Commission. If this happens, Ripple’s general counsel said the Silicon Valley tech company would not settle for an SEC win as they would immediately appeal the case before the US Courts of Appeals.
Furthermore, Ripple will also take the case to the Supreme Court if the Court of Appeals does not favor the blockchain company, said Alderoty.
He boosted the morale of XRP community members by asserting that Ripple would win the case in the Supreme Court. Per Alderoty, the Supreme Court will rule in favor of Ripple because of its guard against building an administrative state.
“I would be supremely confident that this is a winner in the Supreme Court, not so much because of crypto issues but because of the guarding against building an administrative state,” said Alderoty.
In addition, Ripple’s general counsel speculated that the highly-anticipated summary judgment could happen before the end of this month.
New Crypto Businesses Not to Launch in the US
Alderoty advises new crypto projects not to launch in the United States because of regulatory uncertainty. According to Alderoty, these new crypto projects need to be established in a jurisdiction with clear rules for the industry.
“[New crypto businesses should] go to a jurisdiction where the rules are clear, not light-touch, but clear,” he said.
This hostility has prompted several crypto businesses to consider leaving the United States. As reported last month, Ripple CTO David Schwartz hinted that the company could leave the US if it is left with no choice.
Brad Garlinghouse, Ripple’s CEO, backed Schwartz’s comment in a recent interview with Bloomberg. Per Garlinghouse, crypto businesses are already leaving the US due to the country’s inability to get its act together. He added that American crypto businesses going offshore are unsuitable for the country’s innovation.
.@KaileyLeinz asked “If the US doesn’t get its act together…is all of this [crypto] going offshore?”
Me: “It already is.”
I’ve said it before, and I’ll say it again – crypto moving offshore is not good for American innovation. Period, full stop. https://t.co/OWz8uoRHrI
— Brad Garlinghouse (@bgarlinghouse) March 2, 2023