Stuart Alderoty, legal director and general counsel of Ripple in the SEC v. Ripple Labs, has characterized the latest filing from the United States Securities and Exchange Commission (SEC) as a "counterintuitive change" and maintains that it has little influence.
Following the US SEC's recent filing to strengthen its interlocutory appeal, Stuart Alderoty, Ripple's chief legal officer, commented at X, referring to the presentation as another example of a "hypocritical pivot." Alderoty highlighted what he sees as Chairman Gary Gensler's inconsistency, manipulative actions and appetite for greater regulation.
He noted that Gensler had requested an urgent appeal and at the same time stated that crypto regulations and rules were clear and the industry must respect them.
"Another SEC filing, another hypocritical spin... After years of its chairman saying that 'the rules are clear and must be obeyed,' the SEC now claims that an appeal is urgently needed to resolve these complicated legal issues." .
Attorney James K. Filan criticized the SEC and ridiculed its newfound concern for preserving judicial resources. He pointed to the SEC's earlier attempt to suspend all proceedings in the case.
The SEC's argument that Judge Torres should stay the proceedings because the SEC is suddenly concerned about conserving judicial resources is ridiculous.
- James K. Filan (@FilanLaw) September 8, 2023
Renowned pro-XRP lawyer John E. Deaton commented that those not well versed in the US SEC case against Ripple Labs might find Ripple CLO Alderoty's response to the SEC harsh. However, to those familiar with the case, Alderoty's characterization of the SEC as "hypocritical" is simply a reflection of the federal judge presiding over the matter.
Related: Rep. Tom Emmer Sponsors Amendment to Limit SEC Oversight of Cryptocurrencies
In the Grayscale lawsuit, federal judges have He criticized the US SEC's claims as "arbitrary and capricious." Meanwhile, in the Ripple XRP case, Judge Netburn used the term โhypocrisyโ to characterize the SEC's contradictory positions. Additionally, Ripple CEO Chris Larsen anticipates that the SEC's approach to enforcing regulations through legal action can reach a conclusion in the near future.
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Say?
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