Ripple Chief Legal Officer Accuses SEC of “Contradictory Shift” in Ongoing Legal Battle
In the ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC), tensions are flaring as Ripple’s Chief Legal Officer and General Counsel, Stuart Alderoty, characterizes the SEC’s latest move as a “contradictory shift.” In a scathing response to the SEC’s recent filing to reinforce its interlocutory appeal, Alderoty did not mince words, accusing the regulatory body of inconsistency and manipulation.
The SEC’s latest filing, aimed at strengthening its interlocutory appeal, has drawn sharp criticism from Alderoty. He has labeled it as another example of what he terms a “hypocritical pivot.” At the heart of his argument is the perceived inconsistency in the actions and statements of SEC Chairman Gary Gensler.
Another SEC filing, another hypocritical pivot…
After years of its chairman saying the “rules are clear and must be obeyed” the SEC now cries that an appeal is urgently needed to resolve these “knotty legal problems.” https://t.co/ige4neIWRD
— Stuart Alderoty (@s_alderoty) September 8, 2023
Alderoty highlighted the apparent contradiction in Gensler’s stance, where the SEC is urgently seeking an appeal while maintaining that cryptocurrency regulations are clear and must be adhered to by the industry. “Another SEC filing, another hypocritical pivot… After years of its chairman saying the ‘rules are clear and must be obeyed,’ the SEC now cries that an appeal is urgently needed to resolve these knotty legal problems,” Alderoty remarked.
This clash of views between Ripple and the SEC is not confined to Alderoty alone. Attorney James K. Filan also took a swipe at the SEC, ridiculing their newfound concern for preserving judicial resources. Filan pointed out the SEC’s previous attempt to pause all proceedings in the case, suggesting that the regulatory body’s actions are at odds with their current stance.
Renowned pro-XRP attorney John E. Deaton weighed in on the matter, offering context for Alderoty’s strongly worded response. Deaton noted that to those not well-versed in the nuances of the U.S. SEC v. Ripple Labs case, Alderoty’s characterization of the SEC as “hypocritical” might appear harsh. However, for those closely following the case, Alderoty’s sentiments align with the sentiment conveyed by the federal judge presiding over the matter.
The ongoing legal showdown between Ripple Labs and the SEC continues to be closely watched by the cryptocurrency community and legal experts alike. The contrasting perspectives on the regulatory environment for cryptocurrencies and the alleged inconsistencies in the SEC’s approach only serve to underscore the complexity of the case and the significant implications it holds for the broader crypto industry.
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