Ripple’s CLO Stuart Alderoty has called the U.S. Securities and Exchange Commission’ (SEC) latest appeal brief as a “rehash of already failed arguments.” The company’s confident response comes as the SEC continues to pursue its lawsuit against Ripple, alleging that the company’s XRP token is a security.
High Hopes from the Upcoming Administration
According to Ripple, the SEC’s appeal is unlikely to succeed, and the company expects the next administration to drop the lawsuit, which is expected to be more crypto-friendly. Alderoty believes that the SEC’s current leadership, under Gary Gensler, is misusing resources by pursuing a lawsuit that is unlikely to succeed.
The company’s statement suggests that the SEC’s actions are motivated by regulatory approach that hinders innovation, rather than protecting investors. Alderoty’s tweet also suggests that the SEC’s lawsuit is “just noise” and that Ripple is confident of its position. He has also expressed optimism that the new administration will bring an end to the “war on crypto” and create more supportive regulatory environment for Ripple and other cryptocurrency companies.
Ripple CEO Weighs In
Ripple’s CEO, Brad Garlinghouse has been vocal about the need for clear and innovation-friendly regulations in the cryptocurrency space. The company believes that the SEC’s lawsuit is not only misguided but also harmful to the development of the US cryptocurrency market.
Ripple CEO also weighed in in the current situation with his tweet. The statement made by the CEO implies that the SEC under the leadership of Gensler, is being repetitive and futile in their actions against Ripple. He is also sarcastically implying that SEC’s behavior is irrational and unreasonable and it is useless waiting for a different outcome with the same strategies.
CEO’s tweet also indications the frustration with the ongoing legal battle. He wishes that the SEC reconsiders their approach and finds a more constructive way to engage with the company and the crypto industry.
Despite the ongoing lawsuit, the company remains committed to its mission providing fast, secure, and low-cost, cross-border payments. The company has continued to thrive, with its XRP token remaining one of the most widely used cryptocurrencies in the world.
At press time, the price of the token stands at $3.06 with surge of 7.6% in the past 24 hours. After 2018, this is the first time XRP saw its price surge above the $3 mark.
The company’s response to the SEC’s appeal brief is a clear indication that the company is prepared to fight for its right to operate in the US market. As the lawsuit continues to unfold, one thing is certain: the outcome will have significant implications for the future of cryptocurrency regulation in the United States.
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