New Legal Breakthrough in Ripple vs SEC Revealed by Pro-XRP Attorney

Ripple CLO Stuart Alderoty has drawn attention to a recent courtroom defeat for the SEC, in which a judge ruled that the agency cannot seek disgorgement from a defendant if the buyer did not suffer financial loss. This ruling could have implications for Ripple’s ongoing legal battle with the SEC, as there are reports that Gary Gensler is looking to obtain up to $2 billion from the blockchain payments company. The SEC has been relentless in its pursuit of cryptocurrency companies, with its latest target being decentralized exchange Uniswap. However, the agency has been facing multiple losses, and Alderoty believes that this recent defeat could influence the outcome of the Ripple lawsuit. Last November, the Court for the Second Circuit ruled in the SEC vs. Govil case that the SEC cannot demand a disgorgement award without proving that investors suffered actual financial harm. The SEC appealed this ruling, but the upper court has now denied the appeal. Under Gensler’s leadership, the SEC has been aggressively pursuing crypto companies, taking some to court while others have chosen to settle. Coinbase and Ripple are two notable companies that have opted to fight the SEC in court. However, Gensler has faced numerous losses against the cryptocurrency industry, including the recent defeat in the Bitcoin spot ETFs case. With each loss, the SEC’s authority and approach are being questioned, and there is a growing recognition that new regulations are needed for the crypto industry. In the midst of all this, XRP’s price has experienced a decline, trading just below $0.5 and losing 8% in the past day and 17% in the past week.