Ripple’s Chief Legal Officer, Stuart Alderoty, has issued a statement regarding the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Alderoty provided his insights on what lies ahead as the case proceeds to the Second Circuit Court of Appeals.
In his statement, Alderoty stated, “The Second Circuit will either affirm Judge Torres or build upon her decision. The best outcome the SEC can hope for, albeit unlikely, is a retrial.” Alderoty emphasized that the SEC’s unsuccessful appeal left them in a vulnerable position. He highlighted that Judge Torres had made it clear that Ripple’s defenses, including the crucial Fair Notice argument, would resurface if the case were to be retried.
The Fair Notice defense centers on whether a person with “ordinary intelligence” would have been aware of the law’s prohibitions in Ripple’s case. Alderoty pointed out the irony of the SEC potentially arguing to Judge Torres that she lacked “ordinary intelligence” when she ruled against them, stating, “Strange.”
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