Ripple’s Chief Legal Officer, Stuart Alderoty, openly lambasted the SEC, criticizing their unfair legal strategies. Analysts believe that the SEC’s remedies brief lacks substance since it failed to present new evidence regarding potential damages.
According to Crypto News Flash, 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 intense reactions, leading Ripple’s Chief Legal Officer, Stuart Alderoty, to question the fairness of the SEC’s legal tactics.
In their remedies brief, the SEC argues for “permanent injunctions,” claiming that there is a reasonable chance of Ripple repeating their wrongdoing. However, Ripple has not committed any violations since the SEC filed the XRP lawsuit in December 2020. Ripple asserts that it has revamped its operations to comply with regulations, but the SEC views this as a mere repetition of old arguments instead of a sincere effort to reform. The SEC rebuts, stating that Ripple’s initial “assurance” lacks substance and accuses them of attempting to recycle previous legal contentions. Their recent remedies brief directly implicates Ripple, suggesting that any changes made are either misinterpretations or intentional disregard for regulatory guidelines.
Ripple’s Chief Legal Officer, Stuart Alderoty, responded strongly to the SEC’s remedies brief, criticizing the SEC for their lack of respect for international regulatory norms and accusing them of trying to deceive the court. Alderoty stated, “And just when you think the SEC can’t sink any lower, if you are a financial regulator outside the U.S. and have established comprehensive crypto licensing frameworks, know that the SEC has no respect for you and thinks you are handing out the equivalent of fishing licenses.”
This ongoing friction between Ripple and the SEC showcases the intense battle for a final settlement. As reported by Crypto News Flash, the Ripple vs SEC case won’t be resolved until September.
Attorney Jeremy Hogan suggests that the SEC’s final brief might not have the expected impact. He notes that the SEC appears to have avoided directly challenging Ripple’s XRP sales through its On-Demand Liquidity service, instead focusing on accusations of Ripple rehashing settled points. Additionally, Hogan argues that the SEC failed to present new evidence regarding potential damages.
With the briefing phase concluded, all eyes now turn to the presiding judge. According to lawyer James Murphy, also known as MetaLawMan by the XRP community, Judge Torres could reject the SEC’s arguments for injunctions and disgorgement due to weak reasoning. Murphy also claims that the SEC’s claims of institutional investors suffering financial harm lack substantial support.
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