Ripple lawyer accuses SEC of intentional delay lawsuit
2 min read
One of the top lawyers in the Ripple (XRP) camp, Stuart Alderoty, recently lashed out at the US Securities and Exchange Commission (SEC) on Twitter. According to Alderoty, the SEC would deliberately try to delay the lawsuit between themselves and Ripple as long as possible.
Ripple lawsuit
Ripple, meanwhile, has been embroiled in an infamous lawsuit with the US SEC for over a year. The SEC accuses Ripple of selling securities in the past without the necessary licenses. At the moment, Ripple is hopeful that the lawsuit will soon come to an end and the judge will finally issue a ruling. However, Alderoty lashed out at the SEC on Twitter. He believes that the SEC does not want the court case to end any time soon.
Gary Gensler
In the series of Twitter messages, Alderoty responds to a message from SEC Chairman Gary Gensler. Gensler revealed why, in his opinion, enforcement of rules is one of the SEC’s most important tasks. Soccer without referees would turn into an unfair occupation in no time according to Gensler. If teams don’t have to worry about penalties and enforcement of the rules, things will go wrong. The same goes for the markets, according to Gensler.
Alderoty argues that the SEC is guilty of “regulation by enforcement.” That by simply initiating a lawsuit against an entity they are trying to control certain markets. This is also why, according to Alderoty, the SEC does not seem to be in any particular hurry in the lawsuit.
Ripple’s CEO, Brad Garlinghouse, still seemed convinced in November of last year that the lawsuit will end this year. In addition, he is hopeful that the judge’s ruling will also be in Ripple’s favor.
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