Ripple Labs and the SEC Legal Wrangle Continues
Ripple Labs and the SEC are in the remedies phase of the Ripple case until February. Recently, Gary Gensler gave a speech mentioning the first SEC chair, Joseph P. Kennedy, sparking a skirmish between the Commission and members of the crypto industry.
Gary Gensler’s SEC Speech Upsets Ripple Labs
In his speech, Gensler quoted an original SEC chair, emphasizing ethical behavior as a government regulatory agency.
Ripple’s legal chief, Stuart Alderoty, responded to Gensler’s speech. The Ripple Labs attorney had several counterexamples to Gensler’s speech. He disputed the SEC’s behavior in court, judgment by judges, rebukes by the government’s internal auditor, hiding information, and becoming irrelevant internationally.
Alderoty Mentions Hinman Documents
In addition to refuting Gensler’s remarks, Alderoty also highlighted the Hinman documents as a thorn on the SEC’s side as it prosecutes Ripple and a number of cryptocurrency exchanges and custodians. He pointed out that Ripple was sued but never charged with dishonesty, questioning the ethical conduct of the SEC.
In July, Bitcoin Foundation Chairman Brock Pierce criticized the SEC’s lawsuit against Ripple in an interview on Fox Business’s “Cavuto: Coast to Coast.”
Hot Take
The ongoing legal battle between Ripple Labs and the SEC seems to be turning into a war of words, with both sides vigorously defending their positions. As the legal proceedings continue, the crypto community is closely following the case, eager to see how the dispute will unfold.
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