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Ripple’s Top Lawyer Urges SEC to Move Case as Swiftly as Possible

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Thu, 01/13/2022 - 06:06
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Alex Dovbnya
Ripple’s Stuart Alderoty is not a fan of the SEC’s football metaphor
Ripple’s Top Lawyer Urges SEC to Move Case as Swiftly as Possible
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In a recent Twitter thread, Ripple general counsel Stuart Alderoty accused the U.S. Securities and Exchange Commission of playing a “delay card.”

He urged the regulator to move the case “as swiftly as possible.”

SEC Chair Gary Gensler recently used a football metaphor to highlight the enforcement of rules. He tweeted that teams would start breaking rules without fear of penalties, which would make the game unfair.   

Alderoty, however, criticized the SEC for using “regulation by enforcement” in order to achieve charity, claiming that it creates an uneven playing field that creates winners and losers.

Ripple CEO Brad Garlinghouse recently slammed former SEC Chairman Jay Clayton for adopting a pro-cryptocurrency after attempting to stifle the industry with the last-minute lawsuit against Ripple.

Due to worsening pandemic conditions, Ripple and the SEC recently filed a joint letter, asking Judge Sarah Netburn to postpone the expert discovery deadline until Feb. 28. Expert discovery is currently scheduled to end on Jan. 19, but the judge is widely expected to approve the request. Eight expert witnesses are yet to be deposed due to travel difficulties and “unanticipated personal matters.” The postponement is not expected to affect any other deadline in the case.

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According to Fox Business reporter Charles Gasparino, Ripple’s legal team sees a silver lining in the delay since it will be possible to depose witnesses for a seven-hour period.  

Ripple is also expecting to get a court ruling on its motion to obtain internal SEC documents, which could possibly explain why Ethereum, not XRP, was given a break by the SEC.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.