Ripple is challenging the United States Securities and Exchange Commission in the U.S. Supreme Court, and attorney John E. Deaton is certain that Ripple will prevail.
It arises as Alderoty makes clues about the blockchain payments company’s readiness to take the matter all the way to the Supreme Court.
This opinion was shared by the founder of CryptoLaw in a tweet sent out yesterday in response to Ripple General Counsel Stuart Alderoty. Significantly, Alderoty noted that the SEC had lost four of its most recent five cases in the Supreme Court, suggesting that Ripple is prepared to defend the SEC’s assertions that all sales of XRP are unregistered security offerings.
Deaton had total confidence in the competence of the supreme court to restrain the SEC’s alleged overreach in his response to Alderoty. This viewpoint was expressed by the attorney, a friend of the court in the case, and a lawyer for thousands of XRP holders. Citing West Virginia v. In Environmental Protection Agency case, the attorney claimed that the Ripple motion for summary judgment is already a competent appellate brief.
For reference, let’s look at the case of West Virginia v. EPA, which dealt with the alternatives open to the agency for controlling carbon emissions from existing plants. The EPA was trying to regulate emissions from existing plants by telling them to switch to cleaner energy sources entirely instead of through emission-reducing technologies, which, according to the conglomerate of coal mining corporations that brought the case, was overstepping the EPA’s legally permitted boundaries.
Read also: Will XRP Break Out of its 12 Week Bearish Trend?
The United States Supreme Court decided to favor West Virginia on June 30, 2022. It stands as a resounding victory for those against overregulation. According to critics, the Biden administration’s plans to reduce carbon emissions will suffer a serious setback.
Surprisingly, there is still a long way to go before the Ripple case is heard by the supreme court. Before reaching the Supreme Court from the district court, it must first make it to the circuit, which serves as the first appeal stage. This will all take a long time.
However, there is currently no assurance that it will advance this far. According to Deaton, the SEC might try to reach an agreement to put off a prospective trial or future appeals.
Judge Analisa Torres is currently deliberating on the matter of whether XRP constitutes an unregistered security. The case has been pending for over two years, and both parties have submitted all necessary filings. Deaton recently claimed that the SEC has a small probability of winning a summary judgment ruling.
