said Stuart Aldroty, Ripple’s Chief Legal Officer (CLO). Publicly criticized US Securities and Exchange Commission (SEC) for its latest legal move, marking an important step in the ongoing dispute over XRP and the blockchain payment company.
SEC appeal motion receives backlash from Stuart Alderotti
The protracted legal tussle between the SEC and Ripple has ended XRP It witnessed a notable turn of events on Wednesday as the regulatory body filed an appeal against a previous court ruling that XRP does not constitute a security in nature under the requirements of current legislation.
It is noteworthy that the agency’s move to file a notice of appeal with the Second Circuit Court of Appeals comes less than two months after Judge Analisa Torres filed it. Final decision In the prolonged situation in which ripple It was fined $125 million instead of the $2 billion the SEC initially requested.
The latest development has so far received heavy criticism from the community at large. Ripple’s CLO Stuart AlderottiHe recently expressed his displeasure with the SEC’s decision to appeal, calling the move “disappointing.” Aldrotti’s comments indicate the company’s growing frustration.
in spite of Ripple CLO He is disappointed with the latter approach, and is not surprised as he had already expected the outcome. According to Alderotti, since the agency’s argument that Ripple was acting irresponsibly was previously rejected by the court given that there were no allegations of fraud, victims or losses, the decision makes the complete embarrassment the commission already faces even worse.
Alderotti also criticized the SEC that the regulatory body continues to wage a war of lawsuits against the cryptocurrency industry under the leadership of its current chairman. Gary Gensler Instead of implementing the law faithfully, indicating a lack of transparency.
However, the CLO confirmed the company’s commitment to respond to the move while Ripple evaluates whether or not to file a counter-appeal. “In both cases, the SEC’s lawsuit was irrational and misleading from the beginning, and we are prepared to prove that again in the appellate court (again taking the lead in the industry),” Alderotti said.
Key schedules in SEC vs. Ripple condition
as lawsuit Fred Rispoli, consultant and attorney He pointed out Many upcoming developments and crucial dates to watch out for. Rispoli revealed that a briefing would likely be filed by the SEC by December 2, 2024 and January 1, 2025, in the event of a permitted 30-day extension.
Also, if Ripple decides to file a cross-appeal, the opening brief will be held at approximately the time noted above, with dissenting briefs scheduled for approximately February 2, 2025. Rispoli She believes the payment company may accept an extension, making the date until March 2, 2025.
Other important dates stressed by counsel include reply briefs by the end of March 2025, oral arguments between September and October 2025, and a ruling by the Second Circuit Court of Appeals between January and April 2026.
Featured image from YouTube, chart from Tradingview.com