Ripple’s Chief Legal Officer Stuart Alderoty recently shared predictions for 2024, indicating that they anticipate a resolution to the legal process between Ripple and the SEC within the year 2024.
Alderoty states that in the ongoing legal battle with the SEC, he expects the judiciary to limit the SEC’s overreach, a situation that could potentially reach the US Supreme Court. This process will be decisive for the future of Ripple and the cryptocurrency sector in general.
US Companies to Face Deadlock
Alderoty predicts that the US Congress will develop an increased awareness and understanding of cryptocurrencies’ legal status and regulations. However, as other countries progress in regulatory clarity and innovation, he warns that the US might find itself in a deadlock, leaving American crypto companies vulnerable.
Ripple and SEC to Resolve Issue in 2024
Alderoty believes the legal case between Ripple and the Securities and Exchange Commission (SEC) will be resolved in 2024. He notes that during Ripple’s ongoing legal battle with the SEC, the judiciary is expected to limit the SEC’s overreach, and this issue could potentially extend to the US Supreme Court.
Ripple & SEC Latest Developments
In July 2023, Ripple achieved a significant legal victory in its case against the SEC. The judge ruled favor of Ripple Labs, determining that the XRP token is not a security. However, the ruling also stated that XRP meets the Howey test and thus is considered a security when sold to institutional investors. This aspect is seen as a success for the SEC as well. Following these rulings, there was a significant increase in the value of XRP, and leading US exchanges began relisting the token.