Stuart Alderoty, chief legal officer at Ripple, has already commented on the U.S. Securities and Exchange Commission's latest legal setback, claiming that the agency's "anti-crypto crusade" is now imploding.
The Third Circuit Court of Appeals dubbed the agency's actions "arbitrary" and "capricious" regarding the agency's rejection of Coinbase's petition that was seeking comprehensive rulemaking. The SEC has been requested to provide the reason for its denial.
The court has stated that "sporadically enforcing ill-fitting rules" against various cryptocurrency companies goes beyond merely fighting fraud.
According to Alderoty, Judge Stephanos Bibas has "laid bare" what the cryptocurrency industry has been saying for years. The top Ripple lawyer argues that the current SEC administration was attempting to ban the industry outright by selectively enforcing securities laws.
Did Coinbase actually win?
Despite Coinbase CLO Paul Grewal stating that Coinbase won its petition for a writ of mandamus in the Third Circuit, attorney Fred Rispoli states that this is not the case . In fact, Coinbase lost on almost every argument, and the petition issue can be remedied by the SEC upon remand.
However, the concurrence highlighted by Alderoty might bode well for Ripple since it embodies Ripple's appellate argument.
"There is a phenomenal concurrence by Judge Bibas (p.50) that is exactly what Ripple is appealing: That old, musty dusty crusty rules from a century ago don't work for crypto," he said.
