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Ripple General Council and Attorney John Deaton Speak of Chances of SEC Losing XRP Lawsuit in Supreme Court

The XRP lawsuit filed against Ripple Labs and two of its executives in December 2020 could go as far as involving the Supreme Court. This impression was conveyed by Ripple General counsel Stuart Alderoty in a tweet on Monday. 

Unlike many crypto companies such as Kraken that opted to pay a fine of $30 million to settle with the SEC over a Securities Act violation charge, Ripple stated that they are ready to spend over $100 million in battling with the financial regulator in court regarding the XRP lawsuit. 

The lawsuit which has lasted for over two years now was presumed by Ripple CEO Brad Garlinghouse to be concluded around mid-2023, according to an earlier report. However, this prediction has been disputed following a recent comment dropped by Ripple’s General Counsel. 

As disclosed by Alderoty, the United States Securities and Exchange Commission (SEC) has lost several cases in the Supreme Court in its five outings. This he shared, applauding those entities that were determined enough to battle with the SEC in court. 

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