With a mere fortnight left in the year, Stuart Alderoty, the Chief Legal Officer of Ripple, has provided perspectives on what lies ahead for the cryptocurrency landscape in 2024.
The exec has predicted setbacks for the US SEC and even a possible Supreme Court confrontation. Despite these bullish prognoses, Alderoty anticipates difficulties on the legislative front.
Ripple CTO Doubles Down on 2024 Predictions
According to Alderoty, the lingering legal battle between Ripple and the SEC will conclude in 2024, marking the end of the AGENCY’s “misguided” lawsuit. However, the SEC’s strategy of enforcing regulation through legal action is expected to persist against other prominent figures in the industry.
Alderoty also predicted that judges will continue to serve as a crucial barrier against the SEC’s regulatory overreach in 2024. The securities regulator is anticipated to face continued setbacks in major legal disputes, setting the stage for a potential showdown in the Supreme Court.
While there may be a consensus among members of Congress on the need for crypto regulation, the Ripple exec believes that the disagreements regarding the most effective approach will persist. This lack of agreement within Congress is likely to leave US crypto firms in a state of stagnation while other countries make significant advancements in the digital asset space.
Ripple vs. SEC
The legal dispute between the parties dates back to December 2020 when the SEC filed a lawsuit against the blockchain company, alleging the unauthorized sale of over $1.3 billion worth of XRP as unregistered securities.
Tensions escalated in the subsequent years, reaching a climax in mid-July 2023. During this, US Federal Judge Analisa Torres ruled that Ripple’s past XRP sales did not qualify as an offering of investment contracts.
Following this pivotal decision, the judges rejected the regulator’s attempt to appeal, soon after which Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, were cleared of all claims brought by the SEC.
The trial scheduled for April 2024 is expected to determine the resolution of this protracted conflict. A definitive win for Ripple will determine how future complaints against companies will pan out.
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