Stuart Alderoty, general counsel at Ripple, has recently explained why the resolution of the SEC’s lawsuit against Ripple may not play out in 2022 as expected.
In a series of tweets on April 22nd, Alderoty thanked all those who have been watching as things unfold and supporting the course of Ripple and XRP in the ongoing case.
Reacting to James K. Filan’s update, Stuart Alderoty tweeted, “To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.”
To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay. https://t.co/bP0shaNBOa
— Stuart Alderoty (@s_alderoty) April 22, 2022
Ripple SEC Lawsuit Resolution Will Likely Come In 2023
In the same thread of tweets, Alderoty said it’s getting clearer that the lawsuit would extend into 2023, contrary to the expectation of the XRP community members. A lawsuit that was filed in December 2020 will now possibly extend into its 3rd year before a resolution can be achieved.
Ripple’s general counsel wrote, “It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC. $15B in XRP market cap was destroyed the day the suit was filed, hurting the very people the SEC purports to protect.”
Alderoty further stated that the current SEC chair, Gary Gensler, acts contrary to what he preaches. He said he had once preached that “justice delayed is justice denied”, but when firms defend themselves, they will start deploying delay tactics:
“In Dec 2020 (as Clayton & Hinman packed their bags), the SEC didn’t seek a Court injunction to stop XRP trading in the US when they filed the suit because they knew they couldn’t get one. Effectively, the case has done so anyway – prime example of regulation by enforcement.
“Chair Gensler preaches “justice delayed is justice denied” when firms defend themselves from SEC bullying investigations / inquiries – quite the contrast from the SEC using every tactic at their disposal to keep this cloud of uncertainty over the market. Justice delayed indeed.”
Jeremy Hogan Corroborates the Presumed Timeframe
Attorney Jeremy Hogan, a lawyer who has been showcasing his support for XRP investors since the start of the lawsuit, is also of the opinion that the recent schedule could push the case further into 2023 before any resolution can be achieved.
Jeremy Hogan wrote, “This schedule is the exact WORST case scenario that Attorney Filan posted the other day. The Ripple case is going into 2023. I’ve NEVER seen a Plaintiff want to delay a case this much. Only Defendants (normally) delay. Why bring a case and then postpone the justice you seek?”
This schedule is the exact WORST case scenario that Attorney Filan posted the other day.
The Ripple case is going into 2023.
I've NEVER seen a Plaintiff want to delay a case this much. Only Defendants (normally) delay. Why bring a case and then postpone the justice you seek? /1 https://t.co/TUcJhME9oE
— Jeremy Hogan (@attorneyjeremy1) April 22, 2022
When asked why the judge is entertaining the unnecessary delay, Hogan said, “To be fair to Judge Torres, this was a stipulated schedule. She was never given the option to tighten it up. Although in theory she COULD say “No, we’re moving this case faster.” But I’m not holding my breath for that to happen.”
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