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- Alderoty thinks the the agency could take easier stance rather than going harsh on regulations
- Ripple Labs and the United States Securities and Exchange Commission filed for a summary judgment in September
The Ripple vs SEC lawsuit has entered its last stages whereas the legal battle between the payment protocol and financial regulator is expected to bring some results very soon. Meanwhile many experts and analysts with close watch over the case are optimistic about Ripple’s win over the SEC. Given the potential of this case by now, Ripple’s win would make a huge impact on crypto regulations.
Recently, general counsel at Ripple, Stuart Alderoty, said the company’s defense against the regulator within the lawsuit is likely to act as a best change for clarity over crypto regulations. Legal charges worth 100 million USD were incurred by Ripple during the lawsuit.
On many instances, Ripple general counsel was seen to call out the stance of SEC and Chairperson Gary Gensler. According to him, they had not collaborated with regulatory agencies in a somewhat resilient way, instead, they took an aggressive approach.
Rather than providing the investors and consumers, Alderoty stated, the agency leaves them. SEC Chairman on many instances reiterated his opinion considering a large number of cryptocurrencies as securities.
In a recent interview, Gensler was seen to repeat his stance when he said the law has clarity over this and on the basis of facts and circumstances he believes that majority of cryptocurrencies are securities.
Further, Gensler added that many entrepreneurs are upto raising money as investments from the public and hopes to earn profits. These people, the SEC Chairman thinks, need disclosure.
Instances When Alderoty Went Against Gensler
Earlier when Gensler misstated about the Supreme Court’s testing for a token to check if its an unregistered security or not, according to the report, Alderoty criticized him for his take.
The ongoing case witnessed recent development when the US SEC tried to prohibit two firms when they went on to file for amicus briefs within the case and Ripple also responded to it. The agency went on to ask the judge hearing the case—District Judge Analisa Torres—to not accept the requests of the companies, TapJets Inc. and I-Remit Inc., to submit their briefs in Ripple’s support.
Earlier both the SEC and Ripple Labs were reported to file for a summary judgment seeking the decision as soon as possible. Since its start in 2020 with the regulator filing a lawsuit against the payment company, the case has made a notable development with a lot of ups and downs in its way. By the end, the case is expected to bring certainly fruitful lessons for crypto industry and regulatory actions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
