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Stuart Alderoty, general counsel at Ripple Labs, has taken to Twitter to post a thread, in which he explains why the SEC’s case against Ripple may be over next year and to thank everyone who has been following the case so far.
“Ripple is pushing hard to resolve the case a.s.a.p.”
Thanking all those who have been watching the development of the case, Alderoty stated that both Ripple and the court are working hard, so he expects that the resolution will be achieved in 2023.
However, the SEC is trying hard to delay the day the legal case will come to an end.
In the thread, he stated that with each days of the case, the SEC is hurting US-based crypto investors who hold XRP as when the case was filed against Ripple in December 2020, XRP market cap of $15 billion was hit with a deadly blow, and that was a blow against investors, who the SEC claims to protect.
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.
— Stuart Alderoty (@s_alderoty) April 22, 2022
“The SEC is creating confusion in the crypto market”
Alderoty has reminded the community that when the regulatory agency filed the case against Ripple Labs, it never tried to get a permission from court to shut down XRP trading in the US. However, several crypto exchanges based in the country – Coinbase, Bittrex, etc – and in other parts of the globe suspended it, helping the SEC to achieve its goal anyway.
Besides, apart from fighting against Ripple, the SEC keeps the crypto market in the “cloud of uncertainty”, preventing it from expanding in the US, while according to the recent Biden EO research, around 40 million US citizens hold cryptocurrencies now. Despite this, the SEC keeps claiming that most of them are securities and demands more control over crypto exchanges.
While being unable to shut down any digital exchange in their jurisdiction, the SEC will use every possible tactic to create confusion in the crypto market.
“Crypto talent, tech and wealth moving outside the US”
Criticizing the US authorities for the position have taken against the crypto industry, Ripple’s general counsel also reminded that at the moment the crypto industry’s exodus is taking place in the US as “crypto talent, tech and wealth” are moving to countries where the governments can offer rational regulation for the crypto industry.
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?
— Stuart Alderoty (@s_alderoty) April 22, 2022
Vladislav Sopov