- Stuart Alderoty – Ripple’s Chief legal officer – has publicly criticized what he perceives as unfair SEC strategies.
- The SEC’s remedy brief will not be of any substance, according to analysts. It failed to present new evidence about potential damages.
According to Crypto News FlashThe U.S. Securities and Exchange Commission filed a remedy brief highlighting unregistered XRP sales to institutions while pointing out the potential for future violations.
Stuart Alderoty’s, Ripple Chief Legal Officer’s, response to the SEC legal strategy has been intense.
The U.S. SEC argues in its remedy brief that the U.S. SEC must be able to provide for “permanent injunctions” It’s reasonable to assume that Ripple will repeat this mistake. Ripple is not guilty of any violations since the XRP case filed by SEC in December 2020.
Ripple says it’s overhauled their operations to conform, however the SEC believes this is a recycling old arguments instead of a true effort to reform. SEC refutes this, stating that Ripple’s initial “assurance” The document is not substantive and could be argued to have been a mere attempt at rehashing previous legal claims. The recent remedy brief accuses Ripple straight out, suggesting that any changes made were either misinterpretations of regulatory directives or deliberate disregard.
Ripple CLO Gets Strong Reaction
Stuart Alderoty, Ripple’s Chief Legal officer, didn’t hesitate to speak out after the SEC’s remedy brief was released. Stuart Alderoty criticized the SEC’s perceived lack of respect of international regulatory standards and accused it of trying to mislead the court.
Alderoty Added: “And just when you think the SEC can’t sink any lower if you are a financial regulator outside the U.S. and have done the hard work of establishing comprehensive crypto licensing frameworks, know that the SEC has no respect for you and thinks you are handing out the equivalent of fishing licenses.”
It is clear that there are ongoing tensions between Ripple, the U.S. SEC and both parties as they fight hard for a final agreement. As reported by Crypto News FlashIt won’t take place until September for the Ripple case to be settled.
The SEC Brief isn’t that Impactful
Attorney Jeremy Hogan stated that SEC’s last brief could not have the expected impact. The SEC has not directly challenged Ripple’s XRP Sales via its On Demand Liquidity service (ODL), instead it is focusing on Ripple’s claims that they are rehashing previously settled issues. He also suggests that SEC did not present new evidence about potential damages.
Ripple V. SEC Briefs are now FINISHED.
The SEC has gone out on a low note here.
Ripple didn’t try to criticize ODL sales. It simply noted that Ripple is trying to redispute the matter (which, in fact, it does).
It brought no new information on damage.
Waiting for Judge Now! https://t.co/r8nxNMTzqj pic.twitter.com/Futa93lXUb
— Jeremy Hogan (@attorneyjeremy1) May 8, 2024
After the conclusion of the briefing, the attention turns towards the presiding Judge. Lawyer James Murphy (also known by XRP users as MetaLawMan) believes that Judge Torres may reject the SEC arguments of injunctions or disgorgement due to weak reasoning. Murphy said that SEC’s claim of institutional investors losing money was also weak. financial harm lack substantial support
You may also like:
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.crypto-news-flash.com