Ripple Chief Legal Officer (CLO) Stuart Alderoty does the opening slammed shut The United States Securities and Exchange Commission (SEC) for its latest legal move, which is a significant step in the ongoing dispute involving XRP and the blockchain payments company.
The appeal of the US SEC is met with a acute reaction from Stuart Alderoty
The protracted legal dispute between the US SEC and Ripple has ended XRP There was a significant turn of events on Wednesday when the regulator filed an appeal against a previous court ruling that XRP was not security in nature under the requirements of applicable regulations.
Notably, the agency’s decision to file an appeal to the Second Circuit Court of Appeals came less than two months after Judge Analisa Torres handed it final decision in the long case where Ripple was fined $125 million instead of the $2 billion initially sought by the SEC.
The changes so far have been met with powerful criticism from the general community. Ripple’s CLO Stuart Alderotyrecently expressed his dissatisfaction with the SEC’s decision to appeal, calling the move “disappointing.” Alderoty’s statements indicate the company’s growing frustration.
Although Rippling CLO is disappointed with the latest approach, he was not surprised because he had already predicted the outcome. According to Alderoty, given that the agency’s argument that Ripple acted irresponsibly was previously rejected by the Court because there were no allegations of fraud, victims or losses, this decision only deepens the Commission’s already complete embarrassment.
Alderoty further criticized the US SEC that the regulatory body under the current chairman continues to wage a war of lawsuits against the crypto industry, Gary Gensler instead of faithfully enforcing the law, which suggests a lack of transparency.
However, the CLO emphasized the company’s commitment to respond to the move while Ripple evaluates whether to file a cross-appeal. “Be that as it may, the SEC lawsuit was irrational and misleading from the start, and we are prepared to prove that once again to the appellate court (taking an industry leadership role once again),” Alderoty said.
Key Timeframes in SEC vs. The Ripple case
as lawsuit earnings still remain, according to Fred Rispoli, an adviser and lawyer he noticed some upcoming events and key dates to look out for. Rispoli disclosed that the SEC briefing will likely be held by December 2, 2024 and January 1, 2025, for the permitted 30-day extension.
Additionally, if Ripple decides to file a cross-appeal, an opening briefing will be held on or around the above-mentioned date, pointing to opposition submissions on or around February 2, 2025. Rispoli believes the payments company may agree to extend it, pushing the deadline to March 2, 2025.
Other vital dates highlighted by the attorney include questions being answered by the end of March 2025, a hearing between September and October 2025, and a ruling by the Second Circuit Court of Appeals between January and April 2026.
Featured image from YouTube, chart from Tradingview.com
