- Stuart Alderoty commented on the repeated victory of the crypto platforms over the SEC.
- The Ripple CLO stated that the SEC is getting battered in the court.
- Referring to the court’s recent rulings, Alderoty pointed out that the court called the SEC hypocritical and arbitrary.
Ripple Labs and the XRP community remain optimistic about its imminent victory in the prolonged SEC-Ripple legal conflict, especially fueled by the recent court ruling that placed Grayscale Investments halfway to its victory in the SEC lawsuit. Stuart Alderoty, the Chief Legal Officer at Ripple Labs, took to Twitter shortly after the ruling to illumine his 183k+ followers on the repeated failure of the Securities and Exchange Commission (SEC) in the court.
The SEC is getting battered in the court. In our case it's been proven wrong, been called hypocritical, lacking faithful allegiance to the law, fined for discovery abuses and now another distinguished court saying it’s "arbitrary and capricious" – that’s a really big deal. https://t.co/RidAojtZCJ— Stuart Alderoty (@s_alderoty) August 29, 2023
In his tweet, Alderoty commented that the regulatory body is getting “battered in the court.” Referring to the U.S. Magistrate Judge Sarah Netburn’s ruling against the SEC in a lawsuit that accused Ripple Labs of allegedly selling unregistered securities, the legal officer pointed out that the court hailed the SEC as “hypocritical.” Judge Netburn explained the inaccuracy in the regulator’s claims, stating:
The hypocrisy in arguing to the court, on the one hand, that the speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency and, on the other hand, that Hinman sought and obtained legal advice from SEC counsel in drafting his speech, suggests that the SEC is adopting its litigation positions to further its desired goal and not out of a faithful allegiance to the law.
Further, Alderoty shed light on the court’s conviction that the SEC and their claims lacked “faithful allegiance to the law.” The lawyer also noted the court’s imposition of a fine on the securities regulator for “discovery abuses.”
Moving on to the recent court filing that ruled SEC as unjustifiable in rejecting Grayscale Investment’s application for the conversion of its Grayscale Bitcoin Trust (GBTC) to Bitcoin Spot ETFs, Alderoty acknowledged the court’s description of the regulator’s claims as “arbitrary and capricious” to be a “really big deal”.
In response to Alderoty’s post, Ripple CEO Brad Garlinghouse commented that the repeated success of the crypto platforms against the SEC seems like a “summer of justice”. Nonetheless, he conveyed his dissatisfaction with depending on the long legal procedures for proving the SEC to be “out of control and consistently WRONG on the facts and the law”.
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