Ripple’s Chief Legal Officer Takes Aim At SEC

By Vince • December 3, 2023 11:56 am • Comments

A wise man once said: “You can fool some of the people all of the time and all of the people some of the time, but you can’t fool all the people all the time.”

The Securities and Exchange Commission (SEC), once a lauded cornerstone of the American financial world, continues to fall into disfavor due to its partiality and continues to dig its own grave.

The agency has done everything it can to unfairly target the crypto industry, with Binance becoming the latest victim of U.S. regulators. Coinbase is also locked in a legal battle with the SEC.

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Attorneys and legal experts are also calling out the SEC over their recent legal sanctions against Debt Box, in which the SEC was caught lying. Ripple’s CLO Stuart Alderoty didn’t fail to document the agency’s numerous failings either. The Chief Legal Officer pointed out these failings and inconsistencies on the part of the SEC:

– Court finds the SEC demonstrated “hypocrisy” by making inconsistent arguments to the Court and not acting out of a “faithful allegiance to the law.” SEC v Ripple, 7/12/22.

– Court agrees that the SEC defaulted on its duty to respond in good faith to Coinbase’s petition for crypto rulemaking. In Re: Coinbase, 6/6/23.

– Court finds that the SEC’s “inconsistent treatment of similar products is arbitrary and capricious.” Grayscale v SEC, 8/29/23.

– Court orders SEC to show cause why it should not be sanctioned for making false and misleading representations to the Court. SEC v Debt Box, 11/30/23.

Alderoty also recently pointed out: “Today’s Wall Street Journal: “The Supreme Court has repeatedly ruled against the SEC in recent years.” The SEC is anything but infallible; it is bloated, broken and beleaguered. Don’t be intimidated when they come knocking.”

Bein Crypto shared these comments made by another pro-crypto attorney:

Pro-crypto lawyer Danielle Bates said the cases show that the courts have been calling out the SEC for lying.

“Anyone who is paying attention can see it. SEC has been acting in bad faith and taking advantage of the fact that our government is in a stalemate and has done nothing meaningful in a while,” Bates said.

Alderoty left SEC Chair Gary Gensler no quarter in his attacks: “Fact check Gensler’s recent remarks. Ripple was sued, but never charged with “dishonesty.” The failed case against it was prejudged, beginning with the ethically compromised Bill Hinman. Gensler has prejudged crypto and has filed suit against others w/o investigation.”

According to Coin Telegraph, pro-XRP attorney John Deaton had this to say:

Ripple lawyer John E. Deaton says he is not surprised that the financial regulator has been caught lying, adding, “It appears the lawyers at the SEC have made it personal when it comes to crypto cases.” With this, he calls for a subpoena against the financial watchdog.

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