Stuart Alderoty, Ripple’s Chief Legal Officer, expressed his disappointment regarding the lack of swift action around regulatory clarity in crypto. A post he made revealed that the SEC’s lawsuit against Ripple has now lasted four years. The post addresses the ongoing impact of what he termed a “lawless lawsuit” against the company and its executives.
The lawsuit, which was originally filed in December 2020, targeted Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen. The SEC’s action alleged that Ripple conducted an unregistered securities offering through its XRP sales. This claim sparked significant controversy in the cryptocurrency industry.
On this 4th anniversary of the SEC’s lawless lawsuit against Ripple, Brad, & Chris, we urge the incoming administration to cleanse the lingering stain of Hinman from the agency. There’s much more to do to repair the damage, but let’s start by restoring trust.
— Stuart Alderoty (@s_alderoty) December 22, 2024
Central to Alderoty’s critique is the role of former SEC Director William Hinman. Alderoty specifically called for the incoming administration to address what he described as “the lingering stain of Hinman” on the agency.
This reference pertains to Hinman’s 2018 speech, which created significant debate in the crypto community regarding the SEC’s approach to cryptocurrency classification.
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Alderoty emphasized that while addressing the Hinman controversy would be a start, more comprehensive reforms are needed.
His message illustrates how regulatory uncertainty can affect crypto development. The aftermath of the lawsuit will surely influence discussions about general regulatory reform for crypto.
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