Stuart Alderoty, the general counsel at Ripple, has exposed the SEC’s duplicity by pointing out the agency’s position on false assertions or omissions in registration statements.
Alderoty pointed out that when registration statements are false, the SEC issues stop orders preventing them.
The US Securities and Exchange Commission (SEC) has accused Coinbase of acting as an unregistered securities exchange, broker, and clearing agency during the last week.
According to the SEC’s lawsuit, Coinbase has been enabling the purchase and sale of crypto asset securities illegally at least since 2019.
The statement “I am not registering as a broker-dealer, a securities exchange, or an ATS because I am not trading securities” should have been barred if the SEC thought it was incorrect, according to Alderoty, who called attention to the SEC’s contradictions.
when previously mentioned, the senior Ripple attorney emphasised the SEC’s wager on a shock and awe approach when it filed litigation against the two largest exchanges, Binance and Coinbase. “My money remains all in on the rule of law,” he continued.
June 13: Important date
On June 13, it’s anticipated that the publicly redacted records of former SEC employee William Hinman as well as cross-motions for summary judgement in the Ripple case will be made available. In a speech from 2018, Hinman proclaimed that Ethereum is not a security.
The recent legal actions taken against Binance and Coinbase have raised expectations about what the Hinman papers may mean for the whole bitcoin industry.
The outspoken “Mr. Huber” of the XRP community discusses his anticipation for the release of the Hinman docs.
He thinks that while the Hinman emails will hurt cryptocurrency, they will benefit Ripple. This will be the case because it will demonstrate that the SEC’s whole crypto policy, which was based on Hinman’s remarks, was invalid.
