Ripple’s CLO Stuart Alderoty backlashes US Securities and Exchange Commission’s (SEC) chairperson Gary Gensler on his recent remarks. In his recent speech, Gensler cited the wisdom of the first-ever SEC Chair, Joseph P. Kennedy, emphasizing the agency’s position as a partner to honest enterprises and a prosecutor of dishonesty.
With all that, Gensler also quoted many quotes of leaders with the most catchy ones ” We shall not prejudge, but we shall investigate.” The speech was delivered at the Securities Enforcement Forum 2023.
Alderoty: Ripple’s Case Was Prejudged
As soon as the speech was shared over the microblogging site, the remarks caught the eye of Alderoty. Replying to the speech and the remarks made, Alderoty quickly made it clear that Ripple’s case was prejudged. Contrary to Gensler’s statement, Ripple’s CLO seems to have emphasized the real truth behind the ongoing legal conflict.
“Firstly, Ripple wasn’t charged for “Dishonesty” and secondly the case was all “prejudged” with a compromised Hinman’s Bill” – He added.
Hinman, who played a key role in guiding the regulatory status of cryptocurrencies, is accused of having a potential conflict of interest due to his later affiliations with a law firm involved in the case against Ripple.
Adding further to the comment, Alderoty stated that the U.S. SEC has sued Ripple and many other firms without any prior investigations.
Additionally, Stuart Alderoty brought attention to the SEC’s recent struggles in a tweet, highlighting the agency’s losses in court and the criticism it faces from judges for what is described as “shady behavior.” The government’s internal auditor has added to the criticism, rebuking the SEC and raising questions about its internal practices.
Also Read: WisdomTree Revises Spot Bitcoin ETF, SEC May Delay Comments
XRP Price Amid Lawsuit FUD
XRP is again in the grip of market FUD as the Ripple vs. SEC case extends. The partial win over the verdict had seen a jump of over 70% in XRP’s price on 13 July. However, XRP has mostly underperformed after that leading to a 50% value reduction.
To counter the bad, Stuart Alderoty has advised businesses to stand up for themselves in the event of regulatory excess and to fight back when faced with the enforcement of regulations.
The XRP price is fundamentally and strongly co-related to the outcome of the Ripple vs SEC lawsuit. Investors are keeping an eye on the verdict’s progress to maximize the profits or to minimize the losses.
Notably, as of writing, the XRP price was down 4.89% over the past 24 hours to $0.6181 during writing, amid a downturn momentum in the broader market.
Also Read: Ripple CLO Stuart Alderoty Criticizes SEC’s Legal Failures