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Ripple‘s Chief Legal Officer and general counsel in the SEC vs. Ripple Labs case, Stuart Alderoty, described the SEC’s recent filing as a “contradictory shift” and claimed it had very little impact.
SEC Must Resolve Legal Issues
Following the SEC’s latest filing to strengthen their appeal, Alderoty referred to the filing as another example of a “hypocritical turnaround” in a post on X. He emphasized their view of SEC Chairman Gary Gensler’s inconsistency, manipulative actions, and expanded regulatory appetite. Despite Gensler’s claim that crypto regulations and rules are clear and must be complied with by the industry, Alderoty highlighted the urgent appeal for objections.
“Another SEC filing, another hypocritical turnaround… After years of their president saying ‘rules are clear and must be followed,’ the SEC now cries out for an urgent appeal to resolve these tangled legal issues.”
SEC’s Allegations Arbitrary and Capricious
Another attorney, James Filan, ridiculed the SEC’s new concern for protecting judicial resources. He pointed out the SEC’s previous attempt to halt all proceedings in the case. XRP attorney John Deaton stated 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 hypocritical is a reflection of the presiding federal judge.
In the Grayscale case, federal judges criticized the SEC’s claims as “arbitrary and capricious.” Additionally, Ripple’s executive chairman, Chris Larsen, predicts that despite the SEC’s efforts, Ripple’s approach to implementing regulations through legal proceedings will ultimately reach a conclusion in the near future. Following the court decision, Ripple has entered into agreements for payment services with numerous firms and has relisted on major cryptocurrency exchanges that had previously delisted it.
