The SEC has filed another interlocutory appeal—designed to seek preliminary judicial review—to further its case against Ripple.
Stuart Alderoty, Ripple’s Chief Legal Officer, wasted no time labeling the SEC’s recent interlocutory appeal filing as “hypocritical.” Alderoty, who also serves as general counsel in the lawsuit, doubled down on the SEC’s Chairman Gary Gensler’s seemingly inconsistent stance. He pointed out that despite years of insisting “rules are clear and must be obeyed,” the SEC is now pleading for an urgent appeal to resolve “knotty legal problems.”
Deaton Chimes In
John E. Deaton, Founder of Crypto Law, echoed Alderoty’s sentiment.
“People unfamiliar with the U.S. SEC v. Ripple Labs might think Alderoty is harsh,” Deaton said. “But those in the know realize that when Alderoty calls the SEC ‘hypocritical,’ he’s simply reiterating the federal judge’s own words.”
Also Read – SEC’s Reply Memo in Ripple Case: A Laughable Strategy or a Clever One?
The Regulatory Tightrope: What’s at Stake?
The SEC’s confusing approaches have not just confused the crypto industry, but they have also raised eyebrows among lawmakers and policy experts who question the regulatory body’s apparent indecisiveness.
Chris Larsen, Ripple’s executive chairman, is hopeful that the SEC’s policy of “regulation by enforcement” will eventually collapse under its own weight, given the mounting critique from various quarters, including the judiciary.
The Crypto Community is Fuming
Australian lawyer Bill Morgan was quick to critique the SEC’s portrayal of Judge Torres’s ruling, declaring, “The SEC is in trouble in this motion.”
Read more: Crypto vs. SEC: Will SEC Chair Gary Gensler Resign? Ron Hammond Weighs In
Crypto commentator Ashley Prosper opined that the SEC is making a “mockery of the U.S. government and its judicial system” and even mooted the idea of sanctions against the SEC for what she perceives as an abuse of judicial resources.
With viewpoints fluctuating between criticism and support, one thing is crystal clear: the Ripple vs SEC case isn’t just a legal battle; it’s a crucial determinant for how the future of cryptocurrency will shape up in the United States.
