Ripple’s Defense Is a Chance For The Industry: Says XRP Attorney

• Stuart Alderoty said XRP’s defense against the SEC might be a chance for regulatory clarity.
• XRP claimed that it has already spent more than $100M in legal fees in the litigation.
• John E Deaton has started writing the motion to file an amicus brief in the XRP vs. SEC lawsuit.

Ripple’s general counsel, Stuart Alderoty, enunciated that XRP’s defense against the SEC might be the best chance for crypto to gain legal clarity. In an interview with lawyer Niki Christoff, Alderoty claimed that Ripple has already spent more than $100 million in legal fees to defend itself from the ongoing SEC litigation.

During the interview, Alderoty frequently argued that the SEC has overstepped its bounds, pointing out that the chairman of the SEC, Gary Gensler, has adopted a strong regulatory posture rather than working with other regulators.

Brad Garlinghouse, the CEO of Ripple, also claimed that the court has enough evidence to decide the case.

In particular, Alderoty also added that rather than defending customers, the regulator prefers to let them “hands-free.” Gensler often states that he believes a vast majority of cryptocurrencies are securities.

On the other hand, John E. Deaton, the amicus curiae in the XRP vs. SEC lawsuit, spoke about the XRP vs. SEC lawsuit in an interview with Kathy Chu:

Today we talk about XRP Holders’ amici brief, Hinman emails, why this case is the most important thing in crypto today, and much more with Chukathy.

According to Deaton’s statement, he has started writing the motion to file an amicus brief in the XRP vs. SEC lawsuit. Next, the parties will come together on October 18 to file all materials relating to opposition to the summary judgment motions that are currently under seal, including briefs.