Stuart Alderoty, Ripple’s chief legal officer and general counsel in the SEC v. Ripple Labs case, described the SEC’s latest opinion as a “contradictory turn” and argued that the opinion has little impact .
Following the SEC’s recent filing to strengthen its interlocutory appeal, Ripple Chief Legal Officer Stuart Alderoty said: commented On X, calling the submission a “pivot of hypocrisy” is another example. Alderotti highlighted what he saw as Chairman Gary Gensler’s inconsistency, manipulative behavior and desire to expand oversight.
He noted that Gensler has requested an emergency appeal, while insisting that encryption regulations and rules are clear and must be followed by the industry.
“Another SEC filing, another hypocritical turn… After years of its chairman saying ‘the rules are clear and must be followed,’ the SEC is now calling for an urgent appeal to resolve them Tough legal issues.”
Attorney James K. Filan took a dig at the SEC, mocking their new focus on protecting judicial resources. He noted that the SEC had previously sought to halt all proceedings in the case.
The SEC’s argument that Judge Torres should have stayed the proceedings because the SEC was suddenly concerned about conserving judicial resources is laughable.
— James K. Filan (@FilanLaw) September 8, 2023
Prominent pro-XRP lawyer John E. Deaton commented Those unfamiliar with the US SEC v. Ripple Labs case may find Ripple CLO Alderoty’s response to the SEC harsh. To those familiar with the case, however, Aldrotti’s characterization of the SEC as “hypocritical” was simply a reflection of the federal judge presiding over the matter.
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In the Grayscale lawsuit, a federal judge criticized the SEC’s assertions as “arbitrary and capricious.” Meanwhile, in the Ripple XRP case, Judge Netburn used the word “hypocrisy” to describe the SEC’s contradictory stance. In addition, Ripple Executive Chairman Chris Larsen predicts that the SEC’s practice of enforcing regulations through legal actions may come to a conclusion in the near future.
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