Stuart Alderoty, Ripple's chief attorney, told very important details about the Ripple and SEC case in his statements.
After spending a significant portion of his professional legal career climbing the legal ladder and then providing legal services to traditional financial institutions, Stuart Alderoty, Ripple's chief attorney, told Protocol the full details of the litigation process between Ripple and the SEC.
↘️Size of Ripple and SEC Litigation
Although the material size of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) is seen as $ 1.3 billion, according to Alderoty, the size of the lawsuit has the power to affect 40% of the trillion-dollar cryptocurrency market. According to the lawyer, the only responsible for this situation is the confusion created by the previous SEC powers.
Alderoty, on the other hand, believes that XRP 's transfer of billions of pre-mined digital currencies to its parent company Ripple without the SEC's notification in no way violates the SEC's investor protection and disclosure laws.
Regardless, a clear examination of the government body's internal laws and regulatory systems regarding digital assets is required to know where the Howey test was applied and where it did not, and to see what its leaders thought about digital assets five to seven years ago.
📈For the Victory of Cryptocurrencies
According to the statements made, Ripple bears the burden of defending many other digital currencies with a similar structure or a similar start-up model due to the current lawsuit.
While Ripple has achieved a series of victories with the ruling by US Judge Sarah Netburn, hurdles still stand in the way of cryptocurrencies, and Alderoty will remain in court until the SEC admits it lacks the necessary clear and comprehensive regulatory framework that could convict Ripple of alleged misconduct. He states that he will continue to fight for more success.
🚨Coinbase and XRP Dilemma
Alderoty also cites the double standard displayed by Coinbase in the early stages of the legal battle. Coinbase announced that it stopped XRP transactions with the start of the lawsuit process.
At this point, the lawyer said, “This is the regulatory swamp we are in. This regulatory swamp, I think, leads to some kind of weird or perverse outcome.” He uses his words. In addition, Alderoty states that the cryptocurrency ecosystem must remain connected, while even listing a cryptocurrency like Coinbase's Dogecoin , XRP is still not made a statement about .