In the ever-evolving landscape of cryptocurrencies, Ripple’s legal tussle with the U.S. Securities and Exchange Commission (SEC) continues to draw attention. The Chief Legal Officer of Ripple, Stuart Alderoty, has raised concerns about the SEC’s proceedings, hinting at a tightening timeframe for the regulator’s internal processes.

Alderoty’s criticism coincides with predictions from analysts foreseeing a potentially bullish trajectory for XRP, Ripple’s native cryptocurrency. Speculations suggest an anticipated surge of 6000 percent in the year 2024, emphasizing the continued intrigue surrounding this digital asset.

The clash between Ripple and the SEC has ventured into various legal arenas. Notably, hedge fund founder George Jarkesy has brought the SEC’s internal administrative proceedings to the forefront, challenging them in the Supreme Court. Jarkesy contends that the absence of jury supervision within the SEC’s adjudication process infringes upon fundamental rights protected by the Seventh Amendment.

At the heart of this debate lies the SEC’s internal adjudication procedure, where an administrative law judge presides sans a jury, assuming multiple roles including that of judge, jury, and enforcer. This setup has often favored the regulator, resulting in decisive victories against defendants, prompting questions about due process and fairness.

In a bid to challenge the SEC’s approach, Ripple’s Chief Legal Officer, Stuart Alderoty, subtly hinted at the narrowing window for the regulatory commission’s actions, echoing the sentiments expressed by SEC Chair Gary Gensler, who previously cautioned unregistered crypto projects that “the runway is getting shorter.

Stuart Alderoty, Ripple’s Chief Legal Officer, openly critiqued the SEC’s internal proceedings, suggesting a narrowing window for the regulator’s actions without jury supervision. This assertion adds fuel to the fire ignited by hedge fund founder George Jarkesy, who contests the SEC’s administrative proceedings, calling for the protection of his Seventh Amendment rights in the U.S. Supreme Court.

The heart of this conflict lies in the SEC’s internal adjudication process, where a single entity assumes the roles of judge, jury, and enforcer. This setup often results in decisive victories for the SEC, raising questions about fairness and due process.

Alderoty’s remarks, mirroring SEC Chair Gary Gensler’s warning that “the runway is getting shorter” for unregistered crypto projects, underscore the escalating tension between Ripple and the regulatory body. Ripple’s legal skirmish, distinct from others, unfolds not within the SEC’s internal realm but in a federal court, with a recent pivotal ruling partially favoring Ripple. The court determined that most transactions the SEC deemed securities did not meet the criteria, leading to the remedies phase of the lawsuit.

While the SEC has initiated administrative trials against several crypto entities, Ripple’s legal battle has predominantly unfolded in a federal court. A significant development emerged on July 13 when a federal judge ruled against the SEC, indicating that most transactions claimed as securities by the regulator did not meet the criteria. The lawsuit has now entered the remedies phase, raising questions about the SEC’s potential contestation of the federal court’s decision in the Second Circuit post the conclusion of the remedies proceeding.

While Ripple’s legal saga unfolds, the company strategically advances its influence in the financial sector through notable acquisitions. The recent acquisition of Metaco, a Swiss digital asset custody company, signals Ripple’s expanding footprint. This move has piqued the interest of major banking institutions like HSBC, indicating a growing acceptance of Ripple’s technology and the XRP Ledger protocol within the banking industry. Furthermore, Ripple’s reported collaboration with Mastercard to launch an XRP debit card emphasizes the company’s pursuit of innovative financial solutions.