The chief legal officer of blockchain-based payments firm Ripple Labs, Stuart Alderoty, said that the potential next chairman of the US Securities and Exchange Commission, once confirmed by the Senate, could outright drop civil lawsuits against cryptocurrency firms.
The US SEC lawsuit filed against Ripple in December 2020 alleged that the firm used #XRP tokens as an unregistered security to raise funds. A federal judge found Ripple liable for over US$125 million in August 2024, prompting the US SEC to appeal the decision and the blockchain firm to file a counter-appeal.