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In a pivotal moment for Ripple, the U.S. Securities and Exchange Commission (SEC) is preparing to submit its opening brief in its appeal against the company later this week. Despite Rippleโs legal team, led by Chief Legal Officer Stuart Alderoty, requesting an extension, the SEC declined to delay the filing. This move signals the regulatorโs intent to push forward aggressively before SEC Chair Gary Genslerโs imminent resignation.
Ripple remains optimistic about its chances on appeal, with Alderoty emphasizing the companyโs confidence in its legal position. He also expressed eagerness to collaborate with the forthcoming pro-crypto leadership under Paul Atkins, a former SEC commissioner renowned for his libertarian stance, who has been chosen to lead the agency. Ripple CEO Brad Garlinghouse criticized the SECโs refusal to postpone the filing, calling it โconsistent with Genslerโs approach.โ
The ongoing legal battle dates back to October, when the SEC filed its notice of appeal after a significant court decision. Ripple countered with a cross-appeal, prolonging the dispute. Gensler, in one of his final interviews as SEC Chair, defended the agencyโs rigorous enforcement actions, stating that they were necessary to address misconduct within the crypto industry. These enforcement measures align with the SECโs stance during Jay Claytonโs tenure, who initiated the Ripple lawsuit in the final days of his leadership.
As Genslerโs tenure comes to a close, Alderoty has called on the incoming administration to halt non-fraud enforcement actions against the crypto sector. While itโs unclear how the new leadership will approach the industry, Ripple is hopeful for a more balanced regulatory environment.
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