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Ripple's Top Lawyer Spots "Troubling Pattern" for SEC

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Fri, 1/12/2023 - 20:06
Ripple's Top Lawyer Spots "Troubling Pattern" for SEC
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In a series of recent posts on the X social media platform, Stuart Alderoty, Ripple's top lawyer, has called attention to what he perceives as inconsistencies and failings in the U.S. Securities and Exchange Commission's (SEC) handling of crypto-related cases. 

Alderoty's comments come amid ongoing legal disputes involving the SEC and various cryptocurrency entities, where courts have, on multiple occasions, criticized the SEC for its approach and decisions.

A "troubling" pattern 

Alderoty pointed out several key legal developments where the SEC appeared to struggle. Notably, in the case of SEC v. Ripple (July 12, 2022), the court accused the SEC of "hypocrisy" due to inconsistent arguments and a lack of "faithful allegiance to the law." 

Similar sentiments were echoed in the Coinbase petition case (June 6), where the court agreed that the SEC defaulted on its duty to respond in good faith. 

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Moreover, in Grayscale v. SEC (Aug. 29), the SEC was criticized for its "arbitrary and capricious" treatment of similar products. 

Most recently, in the case against Debt Box (Nov. 30), the court ordered the SEC to explain why it should not be sanctioned for making false and misleading representations. Notably, billionaire Mark Cuban has also called attention to this case in his most recent post on the X social media. 

Alderoty's broader critique of the SEC

Beyond the most recent post, Alderoty's other recent posts have been critical of the SEC's broader approach. 

He recently cited a Wall Street Journal article noting the Supreme Court's repeated rulings against the SEC, describing the agency as "bloated, broken, and beleaguered." 

Alderoty also criticized the SEC's timing and approach in its suit against Kraken, and its use of the term "crypto asset securities," which he argues lacks legal basis. 

His posts paint an overall theme of growing frustration with the SEC's strategies and its perceived failure to adapt to the evolving cryptocurrency landscape.

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