Ripple Counsel Shares Exciting Update about SEC’s legal Woes at Supreme Court

Ripple Counsel Shares Exciting Update about SEC’s legal Woes at Supreme Court

Time Stamp: April 15, 2023 3:33 AM
Source Node: 2584283

Alderoty keeps track of SEC’s losses at the Supreme Court Says SEC Lost 5 Out of its 6 Supreme Court Cases, Deaton Reacts.

Stuart Alderoty, Ripple’s General Counsel, has shared an exciting update about the SEC’s legal woes at the Supreme Court of the United States (SCOTUS). In a tweet yesterday, Alderoty noted that the Securities and Exchange Commission had lost five out of its six cases in the country’s apex court.

The regulator’s latest defeat came from the SEC v. Cochran case yesterday. The lawsuit questions whether federal district courts can concurrently hear constitutional challenges to the SEC’s administrative law judges (ALJ) in cases where the regulator has not issued a final adjudicative order.

Interestingly, the case was ruled in favor of Michelle Cochran, a certified public accountant whom the SEC alleged failure to comply with federal auditing standards.

It is noteworthy that Alderoty has been keeping track of SEC’s defeats in the Supreme Court. In February, Alderoty reported the agency’s fourth loss in the apex court. He applauded the few entities that have gotten both the courage and resources to challenge the SEC’s adverse enforcement actions.

Deaton Reacts

The SEC’s recent defeat at the apex court also prompted reactions from members of the XRP community, including CryptoLaw founder attorney John Deaton.

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According to Deaton, the SEC has continued to lose credibility with each case. He referred to how the SEC’s administrative Judge “bullied” the defendant in the SEC v. Cochran case.

Furthermore, Deaton cited a critical point in the lawsuit, which reveals that the SEC wins 90% of cases in in-house proceedings compared to the 69% success rate it records in cases brought in Federal Courts.

The SEC’s defeat at the SCOTUS is imperative in the ongoing Ripple lawsuit. For context, Ripple has declared its willingness to pursue justice to any length, including taking the case to the apex court if Judge Analisa Torres does not favor it.

Attorney Deaton reiterated that Ripple’s arguments best suit the Second Circuit and the Supreme Court.

Notably, Judge Analisa Torres has yet to rule on the case. However, if the court does not rule in Ripple’s favor, Alderoty said the company would immediately file an appeal.

Given the SEC’s legal woes at the Supreme Court, there is a tendency that Ripple might win in the Apex court if the lawsuit gets to that level.

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