XRP Lawsuit: Ripples CLO Shares Key Reason Behind SECs Decision to Drop its Appeal
In a recent interview, Ripples Chief Legal Officer, Stuart Alderoty, made an interesting revelation about the SEC. He shared what he believes might have propelled the regulator to backpedal on its stance in the Ripple vs. SEC lawsuit.
The SECs decision to drop its appeal in the Ripple case has had an undeniable impact on the cryptocurrency industry. However, the development has since sparked a long debate about the factors fueling the SECs decision to end the four-year legal battle.
In a new Ripple segment dubbed Crypto in one minute, the firms CLO addressed the SECs move to halt its appeal case against Ripple, explaining that the regulators reasoning for filing the lawsuit was largely vague. I think the real question is, why did they [the SEC] bring the case? The SEC has not only dropped its appeal against Ripple, theyve now dropped every case against every crypto company in the United States. He remarked.
Can the SEC become Crypto-friendly? Ripples CLO shares his views
As Stuart Alderoty stated, the SEC has dropped investigations and many high-profile cases against leading cryptocurrency firms, including Coinbase, ConsenSys, Kraken, Yuga Labs, Immutable, and many others.
The SEC has now admitted what weve always been saying; that you cant bring endorsement actions for violating the law, without first explaining what the law is. We never had clear laws, rules, and regulations regarding crypto in this country. So were gonna clean up this mess, were gonna get out of the courtroom, were gonna get back to running business. Alderoty added.
The CLO expresses optimism in the long term, observing that the regulator appears committed to working with Congress to implement crypto regulations that protect consumers and the integrity of the market, eliminate bad actors, and foster innovation in the industry.
Text source: ZyCrypto
