Ripple’s General Counsel Says They Were Pressured To Accept Briefing Schedule

The news has come out that the SEC and Ripple have aligned on a briefing schedule for the summary judgement where the final briefs will be due in December of 2022.

This timeline is considered the latest and possible settlement scenario might accelerate the potential timeline.

With that being said, Stuart Alderoty, Ripple’s General Counsel, shared with XRP followers that Ripple was pressured into accepting the briefing schedule for various reasons.

The main reason was that if Ripple did not accept the briefing schedule, it would be likely that the SEC would create even longer delays on the case.

To prevent that possibility, Ripple had decided to play it safe here and just accept the briefing schedule in the hopes that this would be the final timeline..

Alderoty also added in his own personal opinion that the delays in the case caused by the SEC will cause a lot of crypto talent to leave the United States in favor of jurisdictions that have more crypto-friendly regulations.

To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay. https://t.co/bP0shaNBOa

— Stuart Alderoty (@s_alderoty) April 22, 2022

FinanceFeeds reports:

“To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.

It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC. $15B in XRP market cap was destroyed the day the suit was filed, hurting the very people the SEC purports to protect.

In Dec 2020 (as Clayton & Hinman packed their bags), the SEC didn’t seek a Court injunction to stop XRP trading in the US when they filed the suit because they knew they couldn’t get one. Effectively, the case has done so anyway – prime example of regulation by enforcement.

Chair Gensler preaches “justice delayed is justice denied” when firms defend themselves from SEC bullying investigations / inquiries – quite the contrast from the SEC using every tactic at their disposal to keep this cloud of uncertainty over the market. Justice delayed indeed.

The SEC has been making the claims that many digital assets would be considered securities and had also tried to expand their domain of authority over crypto exchanges.

However, there have been a lot of contradictions in the actions of the SEC as they have not actually shut down any crypto exchanges yet.

Many believe this is because the agency actually doesn’t have the ability to enforce their rules on the crypto industry as the nature of crypto is decentralized and very complicated to actually control.

With that being said, they are still causing fear in the market which in turn affects existing investors who are holding digital assets like XRP.

And to those asking if this is a joint filing – yes it is. But, based on the SEC's track record, if we didn't agree to this, the next iteration would have very likely been even longer.

— Stuart Alderoty (@s_alderoty) April 22, 2022

FinanceFeeds shares:

Gensler refuses to offer any specifics whatsoever, and the SEC hasn’t sought to shut down any exchange b/c they know they don’t have any real jurisdiction over this $2T industry.

In the meantime though – they’ll leverage every tactic to create market confusion.

Already, we’re seeing a massive transfer of crypto talent, tech and wealth moving offshore to jurisdictions with rational regulatory frameworks.

Entrepreneurs are being advised to not start their projects in the US. How long can this be allowed to continue?

And to those asking if this is a joint filing – yes it is. But, based on the SEC’s track record, if we didn’t agree to this, the next iteration would have very likely been even longer.”

As the famous saying goes, justice delayed is justice denied.

Gensler refuses to offer any specifics whatsoever, and the SEC hasn’t sought to shut down any exchange b/c they know they don’t have any real jurisdiction over this $2T industry. In the meantime though – they’ll leverage every tactic to create market confusion.

— Stuart Alderoty (@s_alderoty) April 22, 2022

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