US SEC Interlocutory Filing Is “Hypocritical” And Has No Impact, Says Ripple CLO
The U.S. Securities and Exchange Commission (SEC) filed a memorandum to further support its motion for an interlocutory appeal and against Ripple’s requests to the court to reject an interlocutory appeal. Ripple chief legal officer Stuart Alderoty, who is also general counsel in the U.S. SEC v. Ripple Labs lawsuit, calls the new filing “another hypocritical pivot,” asserting that the filing has no significant impact.
Ripple CLO Stuart Alderoty Calls SEC Filing “Hypocritical Pivot”
After the US SEC filing to further support its interlocutory appeal, Ripple chief legal officer Stuart Alderoty took to X remarking the filing as another “hypocritical pivot”.
He further pointed out Chairman Gary Gensler’s hypocrisy, manipulative, and “power hungry” behavior acting for regulatory overreach. Also, Gensler requested the court that an appeal is urgently needed but claimed that regulations and rules are clear and the crypto industry must follow them.
“Another SEC filing, another hypocritical pivot… After years of its chairman saying the ‘rules are clear and must be obeyed’ the SEC now cries that an appeal is urgently needed to resolve these knotty legal problems.”
Lawyer James K. Filan also mocked the SEC for suddenly getting concerned about conserving judicial resources. In a previous filing, the SEC sought to stay on all proceedings.
The SEC’s argument that Judge Torres should stay the proceedings because the SEC is all of a sudden concerned about conserving judicial resources is laughable.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 8, 2023
Pro-XRP lawyer John E. Deaton said people unfamiliar with U.S. SEC v. Ripple Labs might think Ripple CLO Alderoty is harsh in its reply to the SEC. However, people unfamiliar with the case know when Alderoty states the SEC as “hypocritical”, he’s simply quoting the federal presiding over the case.
Federal judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple XRP lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions. Also, Ripple executive chairman Chris Larsen predicts the SEC’s policy of regulation by enforcement will possibly end soon.
The SEC has again pointed out the same things in the latest filings and seems to act above the court and its decisions. Lawmakers, policy experts, and crypto leaders have urged the SEC to stop its irrational approach to kill the industry.
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