Ethereum Flouted SEC Rules With Sales? Ripple Counsel Replies

XRP News: The U.S. Securities and Exchange Commission (SEC) Vs Ripple lawsuit is marching toward the much anticipated Summary Judgment. However, reports are emerging that the commission has tightened its focus on the XRP lawsuit ignoring Sam Bankman-Fried’s FTX debacle.

Did Ripple pushed the limits?

Charles Gasparino, journalist at Fox business in a series of Tweets gave out undisclosed details over the XRP lawsuit. He mentioned that the autopsy of the SEC Vs Ripple lawsuit is a work in progress. However, It is worth asking the commission why it focused on the XRP lawsuit amid the FTX collapse.

As per reports, the commission believes that Ripple management was flouting the SEC authorities by continuing to sell XRP. This happened even after the notice was issued to Ripple to stop. He added that how Ripple was selling XRP seemed to establish the token designation as a security.

However, Charles Gasparino noted that the Ethereum foundation did possibly one sale and then they just stopped. He highlighted that the SEC didn’t file any kind of case against them. He mentioned that he is not picking sides and just reporting the facts.

Earlier, Coingape reported that the XRP lawsuit has become more critical than ever for the commission. As after, failing to take proactive measures against the FTX and SBF, the Ripple lawsuit was most important for them. Read More XRP News Here..

General Counsel hits back

Stuart Alderoty, General Counsel of Ripple stated that if these reports are true then, this only shows how the SEC works. The commission’s unelected bureaucrats believe that they have unchecked power to issue indiscriminate closed door edicts under pain of punishment to some who don’t blindly obey.

Ripple Counsel added that they have crossed from regulation by enforcement to hubris most foul.