Ripple Lawyer Calls SEC’s Appeal “Hypocritical”
Ripple Labs’ chief legal officer and general counsel, Stuart Alderoty, criticized the Securities and Exchange Commission (SEC) for its appeal against a court ruling in favor of the XRP token. Alderoty called the SEC’s move “hypocritical” after years of the chairman emphasizing the importance of following clear rules. The landmark court decision ruled that XRP is not a security when sold to the public but is a security when sold to institutional investors, giving both Ripple and the SEC a partial win. Other lawyers, including James K. Filan, also criticized the SEC’s appeal. Ripple has requested that the court reject the SEC’s appeal, arguing that it does not present a controlling question of law suitable for interlocutory appeal.
SEC Faces Criticism from Other Lawyers
The SEC’s decision to appeal has attracted criticism from various lawyers. James K. Filan, a prominent lawyer, ridiculed the SEC’s argument that the proceedings should be stayed to conserve judicial resources. Filan tweeted that the SEC’s sudden concern about conserving resources is laughable. Ripple, the defendant in the case, has also requested that the court reject the SEC’s appeal. Ripple argues that the court’s summary judgment does not present a controlling question of law suitable for interlocutory appeal. The court’s landmark decision ruled that XRP is not a security when sold to the public but is a security when sold to institutional investors. This ruling gave Ripple a partial win against the SEC, but also granted the regulator a partial win.
Hot Take: Ripple Accuses SEC of Hypocrisy in XRP Appeal
Ripple Labs’ top lawyer, Stuart Alderoty, has accused the SEC of hypocrisy in its appeal against a court ruling that favored the XRP token. After years of the SEC’s chairman emphasizing the importance of following clear rules, Alderoty called the appeal “hypocritical.” The court ruling determined that XRP is not a security when sold to the public, but is a security when sold to institutional investors, resulting in a partial win for both Ripple and the SEC. The SEC’s decision to appeal has faced criticism from other lawyers as well, with James K. Filan ridiculing the SEC’s argument to stay the proceedings. Ripple has requested that the court reject the SEC’s appeal, stating that it does not present a controlling question of law suitable for appeal.
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