Stuart Alderoty, Ripple’s chief legal officer and general counsel involved in the SEC vs. Ripple Labs case, has labeled the SEC’s most recent submission as a “contradictory shift,” asserting that it carries little weight.
In response to the SEC’s recent filing to bolster its interlocutory appeal, Alderoty took to X (formerly Twitter) to characterize the submission as yet another instance of a “hypocritical pivot.”
Within his statement, Alderoty pointed out what he perceives as inconsistencies in SEC Chair Gary Gensler’s stance, citing manipulative actions and a desire for increased regulation.
Alderoty emphasized that despite Gensler’s prior assertion that cryptocurrency regulations were clear and non-negotiable for the industry, the SEC now urgently seeks an appeal to address complex legal issues.
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Another attorney, James Filan, took a swipe at the SEC, mocking its newfound concern for conserving judicial resources and highlighting the SEC’s previous attempt to halt proceedings in the case.
Pro-XRP lawyer John Deaton noted that, to those unfamiliar with the case, Alderoty’s response might seem harsh; however, among those well-versed in the matter, it merely reflects the sentiments of the federal judge overseeing the proceedings.
In the Grayscale lawsuit, federal judges have criticized the SEC’s claims as “arbitrary and capricious.”
Furthermore, Ripple’s executive chairman, Chris Larsen, anticipates that the SEC’s strategy of enforcing regulations through legal actions may soon reach a conclusion in the near future.
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