This has already been done by Stuart Alderotti, Ripple's chief legal officer Comment on the SEC's recent legal setback, claiming that the agency's "anti-crypto crusade" is now collapsing.

The Third Circuit Court of Appeals called the agency's actions "arbitrary" and "capricious" in connection with the agency's denial of Coinbase's petition that sought sweeping rulemaking. The SEC was asked to provide a reason for the denial.

The court stated that the “intermittent application of inappropriate rules” against various cryptocurrency companies goes beyond simply combating fraud.

According to Aldroti, Judge Stefanos Bibas “unmasked” what the cryptocurrency industry has been saying for years. Ripple's top lawyer argues that the current SEC administration has been trying to ban the industry altogether by selectively enforcing securities laws.

Did Coinbase actually win?

Although Coinbase CLO Paul Grewal stated that Coinbase won its petition for an injunction in the Third Circuit, attorney Fred Rispoli stated that this is This is not the case. In fact, Coinbase lost on almost every argument, and the SEC could address the petition issue on remand.

However, the alignment highlighted by Alderoty may bode well for Ripple as it exemplifies Ripple's appeal argument.

“There's a tremendous concurrence from Judge Bibas (p. 50) and that's exactly what Ripple is appealing to: those old, dusty, rotten, century-old rules don't work for cryptocurrencies,” he said.

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