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Remarks from the Ripple General Counsel: The SEC wants to "Remake the Law"

Dave - Cryptocurrency Enthusiast

Stuart Alderoty, the general counsel of Ripple, has stated that unless a federal judge finds that XRP broke any federal securities laws, the litigation between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs may be coming to a close.

The US federal court has also given the Chamber of Digital Commerce (CDC) permission to participate in the action as an amicus curia. District Judge Analisa Torres approved the CDC's request for permission to submit an amicus curiae brief.

Ripple, on the other hand, disagreed with the SEC's proposal that it may ask for more time and pages if other amici curiae submit papers. Ripple went on to say that the SEC's response is just another blatant attempt to drag out the settlement of this matter and that the court ought to reject the plea.

To avoid having a full trial, the SEC and Ripple filed Summary Judgment Motions with the U.S. District Court for the Southern District of New York. Ripple, according to Alderoty, does not meet the criteria outlined by the Howey Test in the Supreme Court decision. The test aids in determining if something qualifies as a security and, as such, is only an investment contract.

Additionally, Stuart Alderoty noted, "Perhaps they [the SEC] believed they [could] convey a bigger message to the entire market. But I believe they've learned that if you question a well-resourced corporation, that well-resourced firm can put up a pretty solid defense and really expose the SEC, that what it is doing, in this case, is not implementing the law.”

Alderoty stated that the SEC is attempting to change the law as he closed his remarks. The regulator is acting in a litigious manner rather than upholding the law to get the desired outcome.

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