Ripple Execs and Top Lawyers Say Something Deeper Behind SEC Appeal

As the U.S. SEC has officially moved to appeal the rulings in the Ripple lawsuit, prominent figures in the industry, including legal experts and Ripple executives, believe there is more to it than apparent.

Ripple’s Chief Legal Officer, Stuart Alderoty, was the first to raise eyebrows over the SEC’s decision to appeal, pointing out a curious coincidence. Specifically, Alderoty noted that SEC Enforcement Director Gurbir Grewal announced his resignation just an hour before the SEC filed its notice of appeal. 

This timing has led Alderoty to question whether Grewal’s sudden departure as the agency’s top enforcement officer is more than just a coincidence.

Pro-XRP attorney Jeremy Hogan also shared a similar skepticism about the timing of events. Hogan expressed his doubts that the coincidence of Grewal announcing his departure on the same day the agency filed its notice of appeal is a mere chance. 

With a hint of humor, Hogan acknowledged that he might be seen as “kooky” for questioning the timing, but he’s not buying the idea that it’s simply a coincidence.

Meanwhile, Hogan argued that the agency made a “big mistake” by launching an appeal, stressing that the risk far outweighs the returns. 

Something Deeper “Certainly” Behind SEC Appeal — Ripple CEO

Meanwhile, legal experts are not the only prominent figures suggesting that there may be more to the SEC’s appeal than meets the eye. Ripple’s CEO, Brad Garlinghouse, remarked that it “certainly” feels like something more profound is behind it than what is readily apparent.

“The truth—and the corruption—always comes to light eventually,” Garlinghouse said.

certainly feels like there is something more behind this than what is readily apparent. The truth – and the corruption – always comes to light eventually

— Brad Garlinghouse (@bgarlinghouse) October 2, 2024

In response to the Ripple CEO, crypto enthusiast Jim Pickrell offered a different perspective, suggesting that the SEC may “now have” more information concerning details it couldn’t prove previously during earlier litigation.

The Crypto Basic observed that the SEC filed an appeal soon after Biwise submitted the XRP ETF application.

It is strange that, just a few hours after Bitwise officially filed an XRP ETF with the SEC, the SEC rushed to file a one-page notice of appeal of Judge Torres’s ruling. pic.twitter.com/mvcN9SSX0w

— TheCryptoBasic (@thecryptobasic) October 3, 2024

SEC Appeal Means “XRP is Important”

In a separate conversation, XRP critic Jay Kyle suggested that the SEC’s decision to appeal the Ripple case is a testament to XRP’s significance. Jay reasoned that the SEC would not bother litigating a “shit coin” again unless it is precious.

Accordingly, he disclosed that he is “bullish now” on XRP, indicating that the SEC’s appeal has unexpectedly made him optimistic about its prospects.