One of the top lawyers from the camp of Ripple (XRP), Stuart Alderoty, recently took to Twitter to lash out at the American Securities and Exchange Commission (SEC). According to Alderoty, the SEC was deliberately trying to delay the lawsuit between itself and Ripple for as long as possible.
Ripple lawsuit
Ripple has been involved in an infamous lawsuit with the US SEC for more than a year now. The SEC accuses Ripple of past securities, or securities, without the necessary licenses.
At the moment, Ripple is hopeful that the lawsuit will soon come to an end and the judge will finally make a ruling. However, Alderoty lashes out at the SEC on Twitter. He believes that the SEC does not want the lawsuit to end any time soon.
Because after all, that’s why the SEC plays the delay card and uses it to their advantage. So much for “justice delayed is justice denied.” How about publicly committing to moving the Ripple case as “swiftly” as possible with no more delays? 4/4
– Stuart Alderoty (@s_alderoty) January 12, 2022
Gary Gensler
In the series of Twitter messages, Alderoty responds to a message from SEC chairman Gary Gensler. Gensler explained why he believes rule enforcement is one of the SEC’s most important tasks.
Football without umpires would turn into an unfair business in no time, according to Gensler. When teams don’t have to worry about penalties and enforcement of the rules, things go wrong. The same applies to the markets, according to Gensler.
Imagine a football game w/o referees. Without fear of penalties, teams start to break rules. The game isn’t fair & maybe after a few min, it isn’t fun to watch. Without examination against & enforcement of our rules, we can’t instill the trust necessary for our markets to thrive.
— Gary Gensler (@GaryGensler) January 12, 2022
Alderoty argues that the SEC is guilty of “regulation by enforcement.” That by simply filing a lawsuit against an entity, they are trying to control certain markets. This is also why, according to Alderoty, the SEC does not seem to be in a hurry in the lawsuit.
The CEO of Ripple, Brad Garlinghouse, seemed convinced in November of last year that the trial will end this year. In addition, he is optimistic that the judge’s ruling will also be in favor of Ripple.
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