Ripple’s Senior Counsel Urges SEC to Move Case Immediately
Ripple general counsel Stuart Alderoty recently accused the US Securities and Exchange Commission of using the “delay card” in a recent Twitter exchange.
He encouraged the agency to expedite the matter. Gary Gensler, SEC Chair, recently utilised a football metaphor to emphasise the need of rule enforcement. He claimed that teams will begin breaching regulations without fear of punishment, creating an unequal playing field.
Alderoty, on the other hand, criticised the SEC for pursuing charity via “regulation by enforcement,” stating that it creates an unequal playing field with winners and losers.
Ripple CEO Brad Garlinghouse recently chastised former Securities and Exchange Commission Chairman Jay Clayton for taking a pro-cryptocurrency stance after his failed effort to suffocate the sector with a last-minute lawsuit against Ripple.
Due to the deteriorating pandemic situation, Ripple and the SEC recently submitted a joint letter with Judge Sarah Netburn requesting that the expert discovery deadline be extended until Feb. 28. Although expert discovery is set to conclude on Jan. 19, the court is largely likely to grant the motion. Eight expert witnesses have yet to be deposed as a result of travel complications and “unforeseen personal circumstances.” No other deadlines in the lawsuit are likely to be affected by the extension.
According to Fox Business reporter Charles Gasparino, Ripple’s legal team sees a silver lining in the postponement because it would allow for a seven-hour deposition of witnesses.
Ripple is also anticipating a court judgement on its demand to get internal SEC records, which might explain why the SEC granted a respite to Ethereum rather than XRP.