Ripple’s Chief Legal Officer claims “SEC is losing in court” 

Bits Logics Team . 16th Nov 2023

Ripple’s Chief Legal Officer, Stuart Alderoty, took to Twitter to assert that the U.S Securities and Exchange Commission (SEC) is currently on the losing side in court battles and facing criticism from judges for their questionable behavior.

In addition, Alderoty highlighted that the SEC had faced criticism from the government’s internal auditor and had been accused of withholding information about their encounters with a felon. He went on to draw a parallel between SEC Chair Gary Gensler and the character Colonel Nathan Jessup, known for his insulation, in the film A Few Good Men.

 In December 2020, Ripple Labs and two of its executives were first sued by the SEC, marking the beginning of a legal dispute. Since then, significant advancements have taken place concerning this prolonged lawsuit. Attorney James K. Filan has recently announced that Judge Analisa Torres has set a timeline for the “remedies discovery and briefing” related to this case.

During the pretrial phase, the SEC has been on the receiving end of several procedural rulings that have not been in their favor.

Moreover, the regulatory body was confronted with allegations of misconduct and lack of relevance in the cryptocurrency domain by key players in the industry, including Coinbase CEO Brian Armstrong, and renowned crypto lawyers like John E. Deaton.