Ripple’s Stuart Alderoty not a fan of SEC football metaphor
In a recent Twitter thread, Ripple’s General Counsel Stuart Alderoty accused the United States Securities and Exchange Commission of playing a “delay card”.
He urged the regulator to move the case forward “as quickly as possible”.
Because after all, that’s why the SEC plays the card of delay and uses it to its advantage. So much for “justice delayed is justice denied”. How about publicly committing to moving the Ripple case forward as “quickly” as possible without further delay? 4/4
— Stuart Alderoty (@s_alderoty) January 12, 2022
SEC Chairman Gary Gensler recently used a football metaphor to emphasize rule enforcement. He tweeted that teams would start breaking the rules without fear of penalties, which would make the game unfair.
Imagine a football match without referees. Without fear of penalties, teams start breaking the rules. The game isn’t fair and maybe after a few minutes it’s not fun to watch. Without review and enforcement of our rules, we cannot build the trust necessary for our markets to thrive.
— Gary Gensler (@GaryGensler) January 12, 2022
Alderoty, however, criticized the SEC for using “regulation by enforcement” to achieve charity, saying it creates an uneven playing field that creates winners and losers.
Ripple CEO Brad Garlinghouse recently criticized former SEC Chairman Jay Clayton for embracing a pro-cryptocurrency after trying to stifle the industry with the last-minute lawsuit against Ripple.
Due to worsening pandemic conditions, Ripple and the SEC recently filed a joint letter, asking Judge Sarah Netburn to extend the expert discovery deadline until February 28. Expert discovery is currently set to end on January 19, but the judge is widely expected to approve the request. Eight expert witnesses have yet to be testified due to travel difficulties and “unforeseen personal issues”. The postponement should not affect the other deadlines in the case.
According to Fox Business reporter Charles Gasparino, Ripple’s legal team sees a silver lining in the delay since it will be possible to depose witnesses for a period of seven hours.
Ripple also expects to get a court ruling on its motion to obtain internal documents from the SEC, which could perhaps explain why Ethereum, and not XRP, got a break from the SEC.