Ripple’s CLO Responds to SEC Chairperson
Stuart Alderoty, Ripple’s Chief Legal Officer, has criticized the recent remarks made by US Securities and Exchange Commission (SEC) chairperson Gary Gensler. In his speech at the Securities Enforcement Forum 2023, Gensler cited the wisdom of the first-ever SEC Chair, Joseph P. Kennedy, emphasizing the agency’s position as a partner to honest enterprises and a prosecutor of dishonesty.
Alderoty: Ripple’s Case Was Prejudged
Stuart Alderoty quickly responded to Gensler’s speech on Twitter, stating that Ripple’s case was prejudged. He emphasized that Ripple wasn’t charged for “Dishonesty” and that the case was compromised due to Hinman’s involvement. William Hinman played a key role in guiding the regulatory status of cryptocurrencies and is accused of having a potential conflict of interest.
Furthermore, Alderoty stated that the U.S. SEC sued Ripple and many other firms without any prior investigations. He also highlighted the SEC’s recent struggles, citing its losses in court and criticism from judges for “shady behavior.”
XRP Price Amid Lawsuit FUD
XRP is currently facing market fear, uncertainty, and doubt (FUD) as the Ripple vs. SEC case continues. Despite a partial win over the verdict leading to a 70% jump in XRP’s price on July 13th, its value has since decreased by 50%. Stuart Alderoty has advised businesses to stand up against regulatory excess and fight back when faced with enforcement.
The XRP price is significantly co-related to the outcome of the lawsuit against SEC. Investors are closely monitoring the verdict’s progress to maximize profits or minimize losses. As of writing, XRP’s price was down 4.89% over the past 24 hours amid a broader market downturn.
Hot Take: Implications for Ripple
Ripple’s ongoing legal battle with the U.S. SEC has led to increased volatility in XRP’s price and raised concerns among investors about regulatory overreach. The response from Stuart Alderoty indicates that Ripple is taking a strong stance against allegations of dishonesty and prejudice in their case.
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