Coin Edition -
- Ripple’s CLO Stuart Alderoty has accused the SEC of intimidation.
- According to Alderoty, the SEC is on an intimidation campaign against all of crypto in the US.
- Ripple filed an opposition to the SEC’s motion for remedies while making an entry of final judgment.
Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has accused the U.S. Securities and Exchange Commission (SEC) of intimidation following the ongoing case between Ripple and the regulatory commission. According to Alderoty, the SEC is on an intimidation campaign against all crypto in the U.S.
https://twitter.com/s_alderoty/status/1782579957874749647
In a recent post on X, Alderoty confirmed that Ripple’s opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. He noted that the SEC had no basis for such a request, following its lack of allegations or findings of recklessness or fraud against Ripple.
Alderoty further noted that Ripple had won the SEC on significant issues. He highlighted that his firm remains confident in the Judge’s ability to handle the final remedies phase fairly.
On Monday, April 24, Ripple filed an opposition to the SEC’s motion for remedies while making an entry of final judgment. Ripple cited the court’s recent ruling that it violated a section of the Securities Act, reaffirming its acknowledgment of the ruling.
Ripple told the court it has changed how it sells XRP and changed its contracts to avoid the problems initially identified. The fintech company also noted that it has ensured that counterparties qualify as accredited investors.
Furthermore, Ripple claimed that the SEC’s remedial requests are more evidence of the administrative overreach that has beset the ongoing case. According to the filing, Ripple accused the SEC of acting as though it had prevailed entirely and had proven reckless conduct.
In conclusion, Ripple pleaded with the court to deny the SEC’s request for an injunction, disgorgement, and pre-judgment interest. It asked the court to impose a civil penalty of not more than $10 million for the offense.
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