Ripple Lawsuit Might Make It to Supreme Court: Former SEC Litigator

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According to a former SEC legal representative, Linda Stewart, there’s a strong possibility that the ongoing Ripple case may reach the United States Supreme Court for resolution, as it involves defining the borderline between a crypto asset and a securitized investment. (Fortune)

At a recent discussion with legal experts on blockchain at Columbia Business School, Steward expressed that the regulatory standpoint considers token sales and transactions as securities. However, this designation does not extend to the inherent asset itself.

According to U.Today’s report, Garlinghouse earlier expressed his readiness to bring the XRP dispute all the way to the Supreme Court. He reiterated, “We’re not backing down.”

Although Ripple managed to secure a partial win against the SEC last July, they are still bracing for hefty fines from the regulatory body. Furthermore, there are indications that the SEC intends to challenge the 2023 ruling which declared that the sale of XRP tokens as secondary offerings was not considered securities.

In November last year, Ripple’s leading attorney, Stuart Alderoty, pointed out that the Supreme Court had made several decisions against the SEC in recent times.

Will it be Coinbase? 

According to Stewart, the Coinbase situation is another potential case that might be brought before the Supreme Court.

Steward, previously engaged in legal disputes between the SEC and FTX, Ripple, and Terra, left the Securities and Exchange Commission in February to become a new member of the prestigious global law firm, White & Case.

When the SEC was still building its argument to dismiss the lawsuit against Coinbase in the secular markets, she chose to part ways with the agency. However, as reported by U.Today, Judge Katherine Polk Failla of the U.S. District Court ruled in favor of the SEC towards the end of March.

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2024-04-17 23:26