Ripple’s Legal Officer Raises Concerns Over SEC’s Defeats
Ripple’s chief legal officer, Stuart Alderoty, has expressed concerns about the recent series of legal defeats suffered by the United States Securities and Exchange Commission (SEC) under Gary Gensler’s leadership. This comes after Ripple’s victory in the XRP lawsuit in July 2023, which was another setback for the SEC in the Fifth Circuit Court.
Alderoty characterized these events as a “deeply concerning trend,” suggesting that the SEC is deviating from its commitment to upholding the law under Gensler. He raised concerns about the SEC’s repeated arbitrary actions in court cases, highlighting a troubling pattern.
Another day and another Court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler? https://t.co/5bUgSBUOI8
— Stuart Alderoty (@s_alderoty) November 1, 2023
Fifth Circuit Court Deems SEC’s Stock Buyback Disclosure Rule Arbitrary
The Fifth Circuit Court of Appeals in the U.S. ruled on October 31 that the SEC’s stock buyback disclosure rule was arbitrary and lacked reasonable explanation. The court has given the SEC an opportunity to provide a good basis for its decision by demonstrating a thorough consideration of relevant matters. This ruling adds to the SEC’s recent defeats in the XRP lawsuit and the Grayscale filing, potentially impacting the regulatory future of the crypto industry.
The legal action, initiated by various U.S. business and trade associations, focuses on an SEC regulation that requires issuers to report daily information on share repurchases every quarter and provide a rationale for repurchasing their own stock.
Charges Against Ripple’s CEO and Chairman Dismissed
Judge Analisa Torres officially dismissed charges against Ripple’s CEO Brad Garlinghouse and executive chairman Chris Larsen in the Ripple v. U.S. SEC lawsuit on October 25, 2023. Additionally, there have been developments regarding institutional sales of XRP. Judge Torres has requested a joint scheduling brief from both parties on this matter. The Summary Judgment on July 13, 2023, favored Ripple in the case of retail XRP token sales.
Hot Take: Ripple’s Legal Officer Raises Concerns Over SEC’s Defeats
Ripple’s chief legal officer, Stuart Alderoty, has expressed concerns about the recent legal defeats suffered by the SEC under Gary Gensler’s leadership. Alderoty believes that these defeats indicate a troubling pattern of arbitrary actions by the SEC. He questions whether the SEC is upholding its commitment to the law under Gensler’s leadership. These defeats include the recent ruling by the Fifth Circuit Court deeming the SEC’s stock buyback disclosure rule as arbitrary. This trend could have significant implications for the regulatory future of the crypto industry.
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