Ripple's General Counsel Stuart Alderoty has publicly criticized the U.S. Securities and Exchange Commission (SEC), accusing the regulator of courtroom defeats and unethical actions. The comments come amid an ongoing legal battle between Ripple Labs and the SEC that began in December 2020.
While Alderoty drew comparisons on social media today between SEC Chairman Gary Gensler and a hard-nosed character in the movies, he claimed the SEC faced a rebuke from an auditor and deliberately concealed details of meetings with a criminal. This sharp criticism reflects Ripple's growing frustration with a series of negative pre-hearing decisions that required the SEC to disclose internal communications about cryptocurrencies.
The legal actions have drawn attention from various quarters, including the CEO of Coinbase (NASDAQ:COIN), who repeated similar accusations of improper conduct against the SEC. The crypto community has closely followed the case, which many see as a precursor to broader cryptocurrency regulation in the United States.
Adding to the intensity of the debate, Bill Morgan on Thursday responded to Alderoty's comments with a provocative GIF, pointing out the contentious nature of the discussions surrounding the case. Meanwhile, attorney James K. Filan revealed that Judge Analisa Torres is planning the discovery and briefing phase for the case, highlighting questions about the SEC's role in global cryptocurrency regulation.
The lawsuit filed against Ripple Labs alleges that the company conducted an unregistered securities offering through the sale of XRP tokens. The outcome of this high-profile case is expected to have significant impacts on the cryptocurrency industry and its oversight by regulatory bodies such as the SEC.
Source: Investing
