Ripple’s lawyer challenged the SEC’s “shock and horror” strategy.
Ripple’s lawyer in the ongoing lawsuit between Ripple and the SEC has challenged the SEC’s strategy. This statement came after the SEC sued two major cryptocurrency exchanges.
Ripple Lawyer Challenges SEC’s Strategy
Stuart Alderoty, Ripple’s General Counsel, continues to challenge the Securities and Exchange Commission’s (SEC) moves in the cryptocurrency space. Alderoty questions the SEC’s strategy while maintaining its belief in the rule of law.
The SEC recently filed suit against two major exchanges, Coinbase and Binance. In these cases, he filed charges of operating as an unregistered national stock exchange. The SEC’s claims imply that popular cryptocurrencies such as Cardano (ADA), Solana (SOL), Polygon (MATIC) are unregistered securities. Also included in this comprehensive list are Binance’s BNB, BUSD stablecoin and various other crypto assets such as FIL, ATOM, SAND, MANA, ALGO, AXS, COTI. Platforms like Robinhood have also removed assets like Cardano, MATIC, and SOL from their crypto trading listings for legal reasons.
Considering these situations, the outcome of the Ripple lawsuit becomes even more important. Judge Torres’ ruling that XRP tokens traded on secondary markets are not securities could undermine the SEC’s lawsuits against Coinbase and Binance. Of course, the decision in the case could be the opposite. A decision in favor of the SEC would significantly support their case.
It is stated that even if Judge Torres decides in favor of Ripple, this decision will not set a binding precedent for other cases. Still, other judges, such as Judge Rearden, who has been assigned to the Coinbase case and has only been a judge for six months, can appeal against Judge Torres’ decision. Further complicating the situation is the fact that the SEC has differences in litigation against Coinbase and Binance.
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