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Top Ripple Lawyer Slams SEC for Playing "Hide and Seek"

Fri, 05/12/2023 - 18:01
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Alex Dovbnya
Ripple's top lawyer has publicly criticized the U.S. Securities and Exchange Commission (SEC), accusing it of wielding the judicial process as a weapon and likening Congressional oversight to a game of "hide and seek"
Top Ripple Lawyer Slams SEC for Playing "Hide and Seek"
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In a pointed criticism of the U.S. Securities and Exchange Commission (SEC), Ripple's General Counsel, Stuart Alderoty, has accused the regulator of treating the judicial process as a "weapon" and likened the regulator's attitude to Congressional oversight to a game of "hide and seek."

Alderoty, who made the comments in a tweet earlier this Friday, stressed that the issue was not exclusive to the cryptocurrency industry but represented a broader "We The People" problem.

The lawyer's remarks come on the back of an ongoing legal feud between Ripple, the company associated with the XRP cryptocurrency, and the SEC.

The regulatory body has leveled an accusation against Ripple, proclaiming the firm's XRP sale as an unregistered securities transaction. It insists that Ripple's distribution of XRP in essence mirrors a securities offering. In contrast, Ripple remains unyielding in its defense, vehemently asserting that XRP is a digital currency, bereft of the characteristics that would define it as a security.

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Earlier in April, Alderoty had drawn attention to the SEC's recent losses in the Supreme Court, highlighting a pattern of unsuccessful litigation by the agency. He mentioned the latest SEC v. Cochran decision as an example. 

This legal battle, under the microscopic scrutiny of the crypto industry, has underscored the urgency for regulatory precision in the fast-paced, continually evolving landscape of digital assets.

It is expected that the case will be resolved in the first part of this year.  

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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