Ripple’s Legal Counsel Labels SEC’s Recent Filing as a ‘Hypocritical Pivot.’

Stuart Alderoty, Ripple’s Chief Legal Officer and a central figure in the SEC vs. Ripple Labs case, has delivered a scathing assessment of the United States Securities and Exchange Commission’s (SEC) recent actions, which he dubs a “contradictory shift.” In his view, the SEC’s latest submission carries little weight and appears to be a strategic maneuver.

Alderoty took to social media, specifically X (formerly Twitter), to share his perspective on the matter, referring to the SEC’s move as yet another example of a “hypocritical pivot.” He underscored what he perceives as inconsistencies in SEC Chair Gary Gensler’s stance, alleging manipulative actions and a newfound appetite for expanded regulation. This change in tone is particularly striking, given Gensler’s prior assertions that cryptocurrency regulations were clear and should be diligently followed by industry participants.

Alderoty’s comment echoes the sentiments of others in the legal sphere, including lawyer James Filan, who mocked the SEC’s sudden concern for conserving judicial resources, especially in light of the SEC’s previous attempt to halt all proceedings in the case.

However, for those deeply familiar with the SEC vs. Ripple Labs case, Alderoty’s description of the SEC as hypocritical is seen as a reflection of the federal judge overseeing the matter. In the ongoing Grayscale lawsuit, federal judges have openly criticized the SEC’s assertions as “arbitrary and capricious.” This ongoing legal battle, coupled with Ripple’s Executive Chairman Chris Larsen’s expectation that the SEC’s enforcement approach may soon reach a turning point, underscores the complexity and significance of the regulatory landscape in the cryptocurrency industry.

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