Ripple’s Chief Legal Officer, Stuart Alderoty, openly criticized the SEC for what he perceived as unjust legal tactics.
According to Crypto News Flash, analysts have stated that the SEC’s remedies brief lacks substance as it failed to present new evidence regarding potential damages.
The SEC recently filed a remedies brief, emphasizing the unregistered sales of XRP to institutional players and highlighting the possibility of future violations. This action has sparked strong reactions, leading Ripple’s Chief Legal Officer, Stuart Alderoty, to openly question the fairness of the SEC’s legal strategies.
In their remedies brief, the SEC argues for “permanent injunctions” and claims that there is a reasonable likelihood of Ripple repeating its wrongdoing. However, Ripple has not committed any violations since the SEC filed the XRP lawsuit in December 2020.
Ripple asserts that it has reformed its operations to comply with regulations, but the SEC views this as recycling old arguments rather than a genuine effort to change. The SEC rebuts by stating that Ripple’s initial “assurance” lacks substance and accuses Ripple of attempting to rehash previous legal contentions. The SEC’s recent remedies brief directly accuses Ripple, suggesting that any changes made are either misinterpretations or intentional disregard for regulatory directives.
Ripple’s Chief Legal Officer, Stuart Alderoty, strongly responded to the SEC’s remedies brief, criticizing the agency for its apparent lack of respect for international regulatory norms and accusing it of trying to deceive the court. Alderoty further commented on the SEC’s actions, stating, “And just when you think the SEC can’t stoop any lower, if you are a financial regulator outside the U.S. and have implemented comprehensive crypto licensing frameworks, know that the SEC has no respect for you and believes you are granting fishing licenses.”
This highlights the ongoing conflict between Ripple and the SEC as both sides continue to fight for a final settlement. As reported by Crypto News Flash, the final settlement in the Ripple vs SEC case is not expected until September.
Attorney Jeremy Hogan suggests that the SEC’s final brief may not have the expected impact. He notes that the SEC seems to have avoided directly challenging Ripple’s XRP sales through its On-Demand Liquidity service and instead focuses on claims of Ripple rehashing settled points. Additionally, Hogan suggests that the SEC failed to present new evidence regarding potential damages.
With the briefing phase now concluded, all attention is now on the presiding judge. Lawyer James Murphy, also known as MetaLawMan by the XRP community, believes that Judge Torres could reject the SEC’s arguments for injunctions and disgorgement, citing weak reasoning. Murphy also states that the SEC’s claims of financial harm suffered by institutional investors lack substantial support.
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