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Ripple General Counsel Remarks: SEC Wants to ‘Remake the Law’

Stuart Alderoty suggests the lawsuit between the SEC and XRP may be drawing to an end. The CDC received approval from the court to be an amicus curiae in the lawsuit. The parties...
Ripple General Counsel Remarks: SEC Wants to ‘Remake the Law’ Ripple General Counsel Remarks: SEC Wants to ‘Remake the Law’
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  • Stuart Alderoty suggests the lawsuit between the SEC and XRP may be drawing to an end.
  • The CDC received approval from the court to be an amicus curiae in the lawsuit.
  • The parties filed Summary Judgment Motions in a bid to avoid going to a full trial.

The general counsel at Ripple, Stuart Alderoty, recently said that the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs may be drawing to an end unless a federal judge decides that XRP violated any federal securities laws.

At the same time, the Chamber of Digital Commerce (CDC) has also received approval from the U.S. federal court to be amicus curiae in the lawsuit. On Wednesday, District Judge Analisa Torres granted the CDC’s motion for leave to file an amicus curiae brief.

On the contrary, Ripple on Tuesday objected to the SEC’s suggestion that it may seek additional time and pages if other amici curiae submit briefs. Ripple added that the SEC’s reaction is another transparent attempt to further delay the resolution of this case and suggests the court should reject the plea.

The SEC and Ripple filed Summary Judgment Motions with the U.S. District Court for the Southern District of New York in a bid to avoid going to a full trial. Alderoty argued that Ripple does not fulfill the requirements set by the Howey Test in the Supreme Court case. The test helps determine whether or not something can be deemed a security, and therefore it is solely an investment contract.

Stuart Alderoty further added,

Maybe they [the SEC] thought they [could] send a broader message to the entire market,” Alderoty said. “But I think what they’ve learned is that if you challenge a well-resourced company, that well-resourced company can put on a very robust defense and really expose the SEC, that what [it’s] doing, in this case, is not applying the law.

Alderoty concluded his statement by saying that the SEC is seeking to remake the law. The regulator is engaging in litigation behavior to further the desired result rather than abiding by the law.

The post Ripple General Counsel Remarks: SEC Wants to ‘Remake the Law’ appeared first on Coin Edition.

See original on CoinEdition

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25-09-2022 19:00:48 (UTC+7)

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    EUR/USD 0.9690 ↑ Buy  
    GBP/USD 1.0858 Neutral  
    USD/JPY 143.34 Buy  
    AUD/USD 0.6526 ↑ Sell  
    USD/CAD 1.3591 Neutral  
    EUR/JPY 138.90 ↑ Buy  
    EUR/CHF 0.9513 ↑ Buy  
    Gold 1,651.70 ↑ Sell  
    Silver 18.835 ↑ Sell  
    Copper 3.3485 ↑ Sell  
    Crude Oil WTI 79.43 Sell  
    Brent Oil 85.03 Sell  
    Natural Gas 6.992 ↑ Buy  
    US Coffee C 220.15 ↑ Sell  
    Euro Stoxx 50 3,348.60 ↑ Sell  
    S&P 500 3,693.23 ↑ Buy  
    DAX 12,284.19 ↑ Sell  
    FTSE 100 7,018.60 Neutral  
    Hang Seng 17,933.27 ↑ Sell  
    Small Cap 2000 1,676.17 Neutral  
    IBEX 35 7,583.50 ↑ Sell  
    BASF 39.790 Neutral  
    Bayer 49.58 ↑ Sell  
    Allianz 168.74 ↑ Sell  
    Adidas 130.96 ↑ Sell  
    Lufthansa 5.674 ↑ Buy  
    Siemens AG 98.63 ↑ Sell  
    Deutsche Bank AG 8.632 ↑ Sell  
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# So hôm qua # Chênh TG
SJC Eximbank6,540/ 6,640
(6,540/ 6,640) # 1,917
SJC HCM6,580/ 6,660
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SJC Hanoi6,580/ 6,662
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SJC Nhatrang6,580/ 6,662
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JPY161,93171,43
KRW14,5317,70
Cập nhật lúc 18:39:18 25/09/2022
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