- Ripple’s Chief Legal Officer, Stuart Alderoty calls SEC’s latest filing hypocritical pivot.
- Attorney James K. Filan mocked the SEC for its newfound judicial resource concern after its previous attempt to pause proceedings.
The Securities and Exchange Commission (SEC) has filed yet another interlocutory appeal in its relentless pursuit of a legal case against Ripple Labs. This latest move by the SEC has not gone unnoticed, Ripple’s Chief Legal Officer, Stuart Alderoty, was quick to label it as “hypocritical.”
Another SEC filing, another hypocritical pivot…
— Stuart Alderoty (@s_alderoty) September 8, 2023
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
Alderoty, who also serves as Ripple’s general counsel in the lawsuit, did not mince words in highlighting the seemingly inconsistent stance of SEC Chairman Gary Gensler. For years, the SEC had maintained a strict posture, insisting that “rules are clear and must be obeyed.” However, in a surprising turn of events, the SEC is now urgently seeking an appeal to address what it describes as “knotty legal problems.”
Crypto Community Response
The legal community hasn’t been shy about its skepticism either. Attorney James K. Filan took a swipe at the SEC’s sudden concern for conserving judicial resources, pointing out that in a previous filing, the SEC had sought to stay all proceedings. Pro-XRP lawyer John E. Deaton joined the chorus of criticism, ridiculing the SEC’s newfound priorities.
Crypto enthusiasts have also voiced their perspectives on the matter, further contributing to the polarized debate surrounding the case. Views fluctuate between criticism and support for both Ripple and the SEC.
However, one undeniable fact remains: the Ripple vs. SEC case transcends being just a legal battle. It has emerged as a pivotal determinant for how the future of cryptocurrency will unfold within the United States. As the case continues to evolve, it not only tests the boundaries of cryptocurrency regulation but also has the potential to shape the regulatory landscape for years to come.
At the time of writing, Ripple’s native cryptocurrency, XRP, traded at $0.5031 with a daily trading volume of $496 million. Over the past 24 hours, XRP’s price experienced a modest increase of approximately 0.6%. Also the leading altcoin saw a 1.5% rise over the course of the week.
