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.

#XRPCommunity #SECGov v. #Ripple #XRP The Court has reviewed the request by the Chamber of Digital Commerce for leave to file an amicus curiae brief, and the parties’ responses, and has granted the Chamber’s request. The Order and Brief are below.https://t.co/NMTSW1IcVY

— James K. Filan 113k (beware of imposters) (@FilanLaw) September 21, 2022

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.

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