Stuart Alderoty, Ripple’s chief authorized officer and basic counsel within the SEC vs. Ripple Labs case, has characterised the United States Securities and Exchange Commission’s (SEC) latest submission as a “contradictory shift” and contends that it holds little sway.
Following a latest filing by the SEC to bolster its interlocutory attraction, Alderoty posted on X (previously Twitter) referring to the submission as one other occasion of a “hypocritical pivot.“ Alderoty highlighted what he sees as SEC Chair Gary Gensler’s inconsistency, manipulative actions and appetite for expanded regulation.
He highlighted that Gensler had requested an urgent appeal despite asserting that crypto regulations and rules were 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.”
Another lawyer, James Filan, took a dig on the SEC, ridiculing its newfound concern for preserving judicial assets. He identified the SEC’s earlier try to pause all proceedings within the case.
The SEC’s argument that Judge Torres ought to keep the proceedings as a result of the SEC is unexpectedly involved about conserving judicial assets is laughable.
— James Okay. Filan (@FilanLegislation) September 8, 2023
Pro-XRP lawyer John Deaton said that these not well-versed within the case may discover Alderoty’s response to the SEC harsh. However, for these accustomed to the case, Alderoty’s characterization of the SEC as hypocritical is just a mirrored image of the federal choose presiding over the matter.
Related: Rep. Tom Emmer sponsors amendment to limit SEC’s crypto oversight
In the Grayscale lawsuit, federal judges have criticized the SEC’s assertions as “arbitrary and capricious.“ Additionally, Ripple’s govt chairman, Chris Larsen, anticipates that the SEC’s strategy of implementing rules by authorized actions may come to a conclusion within the close to future.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
