In a recent development, Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC for its continuous legal battles in the crypto space, particularly referencing the Terraform case ruling by Judge Jed Rakoff.
Alderoty pointed out that despite Rakoff siding with the SEC in the Terraform Labs lawsuit, there was no mention or criticism of Judge Torres’ Ripple ruling. This raises concerns about the SEC’s persistent “forever” crypto ground war, where the regulatory body engages in lengthy litigation processes against various tokens and crypto firms.
On December 28, Judge Rakoff ruled that Terraform Labs violated US law by not registering digital currencies LUNA and UST. The judge categorized these assets as “investment contracts,” reinforcing the SEC’s position on unregistered securities. Alderoty, however, maintained a neutral stance on the case’s merits, sharing factual information in a recent tweet.
As XRP hovers below $0.65, the cryptocurrency market eyes a potential recovery to $0.70, especially with Bitcoin sustaining a value above $42,000. Alderoty’s condemnation of the SEC’s approach reflects the ongoing tension between regulatory bodies and the cryptocurrency industry, as each token faces scrutiny in the complex legal landscape.
