Ripple’s General Counsel (XRP) Criticizes the US Securities and Exchange Commission for “Going Over Legal Limits” With DailyCoin

Ripple’s General Counsel (XRP) Criticizes the SEC for “Overstepping Legal Boundaries”

The lawsuit brought by the US Securities and Exchange Commission (SEC) against the blockchain payment service provider (XRP) has reached a pivotal point as both parties have submitted independent motions for an expedited ruling, seeking an end to the long-awaited case.

After news of the filing, Ripple general counsel Stuart Aldrotti launched the attack, saying: “Today’s filings show that the SEC is acting outside its legal boundaries. The SEC is not looking to enforce the law – it is looking to rewrite the law in the hope that it can unauthorized extension of its jurisdiction.

“After two years of litigation, the Securities and Exchange Commission has not been able to determine any investment contract (that’s what the law requires); nor can it meet one part of the Howey Supreme Court test. Everything else is just noise,” Aldrotti stated, taking to Twitter (NYSE:).

Alderoty’s opinion was supported by Brad Garlinghouse, CEO of Ripple, who said: “Today’s filings show that the SEC is not interested in law enforcement. They want to rewrite everything in an impermissible effort to extend their jurisdiction beyond the authority granted. them by Congress.”

Ripple (XRP) vs. SEC – An Ongoing Dispute

It seems that the saga of Ripple vs. The SEC is coming to a close as both parties have called on the federal judge overseeing the case to issue an immediate ruling on whether Ripple’s XRP sales violated US securities laws.

The request for a summary judgment comes two years after the Securities and Exchange Commission sued Ripple for allegedly raising $1.3 billion through sales of XRP unregistered securities.

In a crucial development of the case, the judge in charge of the case, Judge Sarah Netburn, denied the SEC’s petition for attorney-client privilege regarding Hinman’s letter documents.

Expanding on the summary judgment proposal, Alderoty further asserted that “Congress has only given the SEC jurisdiction over securities. Let’s go back to what the law says.”

on the flip side

  • The Securities and Exchange Commission (SEC) has been on the receiving end of a variety of points of criticism based on its perceived hostile approach to cryptocurrencies. Alderoty previously called for a halt to SEC regulatory attacks on cryptocurrencies, stressing the urgent need for reasonable crypto legislation from Washington.

Why should you care

Ripple (XRP) has outlined its potential plan to move to Canada in the event it loses its case against the Securities and Exchange Commission.

Read about the SEC v/s Ripple case so far:

SEC vs Ripple: Hundreds of XRP Holders Join Class Lawsuit

More on Stewart Alderoty’s calls for fair crypto laws:

Ripple advisor Stuart Alderoty calls for fair crypto laws

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