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Ripple’s legal team and SEC engage in war of words over lawsuit tactics

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TL;DR Breakdown

  • Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC’s latest court filing as a “hypocritical pivot,” accusing the regulatory body of inconsistencies in its stance on cryptocurrency regulations.
  • The SEC’s recent filing accuses Ripple Labs of intentionally prolonging the lawsuit to maintain public sales of XRP, a claim that has sparked outrage and allegations of hypocrisy from the Ripple community.
  • Prominent defense lawyer James Filan and other legal experts have questioned the SEC’s sincerity in wanting to conserve judicial resources, pointing out that the SEC itself has been known for employing delay tactics in the case.

Description

Stuart Alderoty, Ripple’s Chief Legal Officer, has labeled the U.S. Securities and Exchange Commission’s (SEC) latest court filing as a “hypocritical pivot,” escalating tensions in the ongoing legal battle between the two entities. Alderoty took to social media to criticize the SEC’s recent submission, which aimed to reinforce its interlocutory appeal.  He pointed out what … Read more

Stuart Alderoty, Ripple’s Chief Legal Officer, has labeled the U.S. Securities and Exchange Commission’s (SEC) latest court filing as a “hypocritical pivot,” escalating tensions in the ongoing legal battle between the two entities. Alderoty took to social media to criticize the SEC’s recent submission, which aimed to reinforce its interlocutory appeal. 

He pointed out what he perceives as inconsistencies in SEC Chair Gary Gensler’s stance on cryptocurrency regulations. Alderoty’s remarks echo the sentiments of other lawyers involved in the case, who have also questioned the SEC’s sincerity in preserving judicial resources.

Alderoty’s criticism comes in the wake of the SEC’s recent filing, where the regulatory body accused Ripple Labs of deliberately prolonging the lawsuit to maintain XRP sales in public markets. The SEC’s filing sought an appellate review in its ongoing legal dispute with Ripple, stating that the defendants aim to extend the litigation, presumably to continue selling XRP. This has led to a flurry of reactions from the Ripple community, who have expressed shock and alleged hypocrisy on the part of the SEC.

SEC accused of delay tactics in Ripple case

Prominent defense lawyer James Filan, who has been closely following the case, ridiculed the SEC’s assertion that pausing ongoing proceedings would conserve resources for both parties and the court. Filan and others have pointed out that the SEC itself is known for employing delay tactics in the case. 

This is not the first time the SEC has been accused of such behavior; Ripple previously highlighted the SEC’s use of delay tactics regarding the disclosure of drafts related to William Hinman’s speech.

The SEC’s latest allegations against Ripple have not only been met with skepticism from legal experts but also have sparked outrage among Ripple and XRP supporters. Ripple developer Neil Hartner expressed shock at the SEC’s claims, while other community members accused the U.S. regulator of being hypocritical with its last-minute filings.

In summary, the legal battle between Ripple and the SEC has reached new heights with both parties accusing each other of employing tactics to prolong the lawsuit. While Ripple’s legal team has criticized the SEC for its inconsistent stance on cryptocurrency regulations, the SEC has accused Ripple Labs of intentionally delaying the case to continue XRP sales. These developments add another layer of complexity to a case that has significant implications for the cryptocurrency industry, highlighting the urgent need for clear regulatory guidelines.

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