Ripple General Counsel Stuart Alderoty responded to claims by FOX business journalist Charles Gasparino who said the blockchain firm was deliberately targeted due to flouting the rules and undermining the SEC’s authority.
First, Gasparino questioned why the SEC concentrated on Ripple while giving Sam Bankman-Fried and FTX free reign.
The journalist claimed that Ripple has drawn the attention of the SEC for two good reasons. One, which SEC maintained “Ripple management had flouted the rules”. On the other hand, by continuing to sell XRP despite being instructed to cease, the firm has weakened the SEC’s authority.
According to Gasparino, XRP’s status as security was established by the method it was sold. He added that Ethereum “may have made one sale before stopping. No case. Not taking sides; merely stating the grounds for the case’s filing.
Stuart Alderoty, the General Counsel [GC] of Ripple, did not allow the allegation go unchallenged and launched a fresh defense of the SEC, which he claimed is negotiating deals behind closed doors:
Even if true, this only shows that the SEC’s unelected bureaucrats believe they have unchecked power to issue indiscriminate closed door edicts under pain of punishment to those who don’t blindly obey. We have crossed from regulation by enforcement to hubris most foul.
The Ripple Vs SEC lawsuit is on its last leg and has been closely monitored across the industry. The case under Judge Torres’ hands is likely to go on a verdict instead of a settlement.
Ripple Case Would Decide $19 billion XRP & DeFi Tokens’ Fate
Future prospects for Ripple are heavily relied on how the SEC lawsuit turns out. The decision of the case will also affect the future of a $19 billion XRP market as well as other DeFi tokens that may be regarded as securities in the future.
However, the firm is developing its payment ecosystem to include both banks and financial institutions, especially in stablecoins and CBDCs.
Additionally, the blockchain entity is signing up financial institutions to boost the XRP ecosystem as well as its Ripplenet network.
Furthermore, the fintech giant is reportedly collaborating on the creation of highly interoperable CBDCs with a number of central banks, including the Royal Monetary Authority [RMA] of Bhutan and the Republic of Palau.