In a recent Twitter thread, Ripple’s general counsel Stuart Alderoty accused the US Securities and Exchange Commission of playing a “delay card”.
He urged the regulator to move the case “as quickly as possible.”
Because after all, that’s why the SEC plays the delay card and uses it to their advantage. So much for “justice delayed is justice denied.” How about publicly committing to moving the Ripple case as “quickly” as possible without further delay? 4/4
– Stuart Alderoty (@s_alderoty) January 12, 2022
SEC Chairman Gary Gensler recently used a football metaphor to highlight the enforcement of the rules. He tweeted that teams would start breaking the rules without fear of penalties, which would make the game unfair.
Imagine a football match with a referee. Without fear of punishment, the teams began to break the rules. The game isn’t fair and maybe after a few minutes it’s not fun to watch. Without the scrutiny and enforcement of our rules, we could not create the trust needed for our market to thrive.
– Gary Gensler (@GaryGensler) January 12, 2022
However, Alderoty criticized the SEC for using “regulation by enforcement” to achieve charitable ends, claiming that it creates an uneven playing field that creates winners and losers.
Ripple CEO Brad Garlinghouse recently criticized former SEC Chairman Jay Clayton for adopting a pro-cryptocurrency after attempting to stifle the industry with a last-minute lawsuit against Ripple.
Due to the worsening state of the pandemic, Ripple and the SEC recently filed a joint letter, asking Judge Sarah Netburn to postpone the expert discovery deadline until February 28. ends January 19, but the judge is expected to approve the request. Eight expert witnesses have yet to be removed due to travel difficulties and “unforeseen personal problems.” The delay is not expected to affect any other deadlines in the case.
According to Fox Business reporter Charles Gasparino, Ripple’s legal team noticed a delay in the transaction because it was possible to demote witnesses over a seven-hour period.
Ripple is also expecting to receive a court ruling on its motion to obtain internal SEC documents, which could explain why Ethereum, not XRP, has been laid off by the SEC.
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