Stuart Alderoty, general counsel of Ripple, has pointed out the “hypocrisy” of the SEC. Referring to a case before the Ripple trial, the general counsel has heavily criticized the watchdog. In a tweet, Alderoty says the hypocrisy of the SEC “was staggering.”
#XRPCommunity #XRP Read this from @s_alderoty about SEC hypocrisy
— James K. Filan
Alderoty had earlier alleged the SEC for using a “delay card” regarding the Ripple lawsuit. The top lawyer also urged the agency to let the case move forward rapidly. Alderoty reveals that the court and Ripple are working actively to resolve the case as early as possible. Though, according to him, only in 2023 will both the parties reach a resolution.
The general counsel earlier stated that 2022 will be one year that would be spent on focusing cryptocurrency legislation taking into account the future of the industry. While achieving key milestones, the cryptocurrency industry almost quadrupled in value, as of last year.
Economic competitors outside the United States are embracing crypto assets, central bank digital currencies (CBDCs), and blockchain-enabled real-time payments with open hands, even though innovations in technology are often met with enmity, he added.
The SEC has provided a response to back the letter it filed in late April in which it mentioned that Hinman’s emails were guarded by attorney-client privilege, as per the latest updates on the Ripple case.
As per the latest response to the Ripple defendants William Hinman, the former SEC official was legally advised by the SEC’s attorneys that, thus, the documents were protected by attorney-client privilege and could not be presented in court.
Ripple Collaborates With FINCI
Amid the ongoing lawsuit, Ripple has not stopped its operations and is working just like before. It has recently partnered with a Lithuania-based online platform FINCI for transferring funds. Ripple intends to build a payment gateway by leveraging its XRP-powered ODL platform, making it easy for FINCI customers to transfer money from Europe to Mexico (business-to-business payments).
The ODL network of Ripple already covers 22 destinations and countries including Japan, Australia, South Korea, Mexico, and the Philippines.
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Source: https://www.thecoinrepublic.com/2022/05/22/xrp-case-ripples-general-counsel-says-secs-hypocrisy-is-staggering/