- Stuart Alderoty, Ripple’s Chief Legal Officer, criticizes the SEC’s latest appeal as contradictory and ineffective.
- Alderoty points out the inconsistency and regulatory appetite of SEC Chairman Gary Gensler.
- Lawyer James Filan criticizes the SEC’s attempt to conserve judicial resources, referring to the SEC’s request to halt the lawsuit process.
The latest developments in the ongoing legal battle between Ripple and the SEC have stirred up controversy, with Ripple’s Chief Legal Officer calling out the SEC’s recent appeal as contradictory and ineffective.
SEC Must Resolve Legal Issues
Following the SEC’s latest submission to strengthen its appeal, Stuart Alderoty, Ripple’s Chief Legal Officer, criticized the application as another instance of duplicitous turnaround. Alderoty emphasized what they perceive as the inconsistency, manipulative actions, and expanded regulatory appetite of SEC Chairman Gary Gensler. Despite Gensler’s claims that crypto regulations and rules are clear and must be adhered to by the industry, he has filed an urgent appeal.
SEC’s Claims are Arbitrary and Capricious
Another attorney, James Filan, mocked the SEC’s newfound concern about conserving judicial resources. He pointed out the SEC’s previous attempt to halt all proceedings in the case. XRP attorney John Deaton suggested that those unfamiliar with the case might find Alderoty’s response to the SEC harsh. However, for those familiar with the case, Alderoty’s characterization of the SEC as duplicitous reflects the perspective of the presiding federal judge.
Market Impact: Positive
In the Grayscale case, federal judges criticized the SEC’s claims as “arbitrary and capricious.” Additionally, Ripple’s Executive Chairman Chris Larsen predicts that the SEC’s approach to implementing regulations through legal proceedings could reach a conclusion in the near future. Despite the SEC’s efforts, Ripple has made payment service agreements with many firms following the lawsuit decision and has begun to be re-listed on major cryptocurrency exchanges that previously delisted it.
Conclusion
The ongoing legal battle between Ripple and the SEC continues to unfold with new developments. Ripple’s Chief Legal Officer’s criticism of the SEC’s latest appeal as contradictory and ineffective highlights the complexities of the case. Despite the legal challenges, Ripple continues to make strides in the market, indicating a positive impact.
