"You are Making a Mockery of the US Government": Crypto Community Slams SEC's Ripple Appeal

In a recent development, the U.S. Securities and Exchange Commission (SEC) has filed a reply memorandum, pushing for an intermediary appeal in the ongoing Ripple case. This move has raised eyebrows, as the SEC has accused Ripple of deliberately prolonging the legal process for its own gain. The cryptocurrency community is abuzz with speculation, and notable figures have chimed in on the matter.

Prominent crypto influencer Mr. Huber voiced his concerns, warning that even a Supreme Court ruling might not suffice to rein in the SEC’s actions.

Ripple CLO’s Counter Punch

Stuart Alderoty, Ripple’s Chief Legal Officer, fired back stating that despite years of the SEC chairperson insisting that “rules are clear and must be obeyed,” the commission now pleads for an urgent appeal to solve “knotty legal problems.” Ripple is more than ready to hold the SEC accountable for its fickle stance.

Another SEC filing, another hypocritical pivot…
After years of its chairman saying the “rules are clear and must be obeyed” the SEC now cries that an appeal is urgently needed to resolve these “knotty legal problems.” https://t.co/ige4neIWRD
— Stuart Alderoty (@s_alderoty) September 8, 2023

What is the SEC’s Plan?

Bill Morgan, an Australian lawyer, and digital asset enthusiast, criticised the SEC for mischaracterizing Judge Torres’s ruling. He also pointed out several discrepancies in the SEC’s portrayal of the court’s conclusions, essentially concluding that “The SEC is in trouble in this motion.”

Ok some of the SEC’s reply is persuasive, but I don’t recall Judge Torres legally concluding ‘there can be no investment contract for offers and sales through crypto asset trading platforms without direct contact between the issuer and the investor’ /1 https://t.co/bmRkEXqHgJ pic.twitter.com/N6xq5RRIT1
— bill morgan (@Belisarius2020) September 9, 2023

Read More: SEC’s Reply Memo in Ripple Case: A Laughable Strategy or a Clever One?

Crypto commentator Ashley Prosper took to Twitter to express her strong opinion, stating that the SEC is making a “mockery of the U.S. government and its judicial system.” She suggested that sanctions might be warranted due to what she perceives as the SEC’s misuse of judicial resources. Ashley also urged the SEC to expedite the case’s resolution, allowing companies to operate in the U.S. without the constant fear of legal troubles.

#XRP #XRPCommunity
Dear @SECGov,
Your argument is arbitrary and capricious and you still appear to be adopting your legal positions to futher your desired goals, rather than out of a faithful allegiance to the law. You are making a mockery of the US government and its judicial… https://t.co/ULDwdfwJcR
— Ashley PROSPER (@AshleyPROSPER1) September 9, 2023

With viewpoints fluctuating between criticism and support, one thing is crystal clear: the Ripple vs SEC case isn’t just a legal battle; it’s rapidly becoming a crucible for the future of cryptocurrency law in America.

Also Read: Crypto vs. SEC: Will SEC Chair Gary Gensler Resign? Ron Hammond Weighs In

Source: https://coinpedia.org/news/ripple-vs-sec-even-the-supreme-court-cant-tame-the-sec/