According to a statistic shared by a Ripple lawyer, the cryptocurrency company is one step away from winning its lawsuit against the SEC. Actually, things are much more complicated than that.
Are we finally seeing Ripple’s victory over the SEC? If it is the public who will have to decide, the lawyers of the crypto company already rejoice in the inevitable. How can they be so sure? Just for statistics.
According to a tweet posted two days ago by Stuart Alderoty, an attorney who is member of Ripple’s legal team, “the SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SEC’s bullying and clinging to stretch legal positions that were not faithful to the law.”
In fact, Alderoty claims that the lost cases would be explained by the numerous arguments against Ripple, found by the industry, and that the financial authority would not have been able to counter.
For Ripple’s other lawyer, John E Deaton, there is no chance that the cryptocurrency company will lose its lawsuit. In fact, the latter has created a specific file that brings together many old SEC testimony and statements. Deaton’s tweet explains it further:
“I have no doubt Ripple will win and the current Supreme Court will shut down the @SECGov’s gross overreach. The West Virginia vs. EPA case is all you need to read to agree with me. @Ripple’s summary judgment brief is already an extremely well written appellate brief.”
If the statistics cited by Stuart Alderoty are to be believed, the SEC’s chances of victory would therefore be very slim. Ripple’s management team is also certain that Judge Analisa Torres, who is presiding over the trial, will reject the financial authority’s arguments for lack of depth.
Deaton tweeted that “we are lucky we got Judge Netburn and Judge Torres and if Judge Torres denies the SEC’s motion like I expect her to and says it goes to a jury, that’s a win. You confuse my motion with Ripple’s. I filed in opposition of the SEC not in support of Ripple.”
An Error in Judgment in Defending Cryptocurrencies?
Despite the defense enthusiasm, it is necessary to remain on guard: statistics do not guarantee victory. Nothing is won yet. The SEC may yet make new arguments, especially as it joins the crackdown on cryptocurrencies. The financial authority also won its case against LBRY, and it could use this event against Ripple.
On a more positive note, one can imagine that justice will not win the SEC’s case as its actions are denounced by the US Senate, as well as other judges involved in the case.
The moral of the story: numbers are not a guarantee of Ripple’s victory, only time will tell the truth.
By Audy Castaneda
