XRP Attorney and Ripple CLO Celebrate the SEC’s Failure in Court

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XRP Attorney and Ripple CLO Celebrate the SEC’s Failure in Court
  • XRP attorney John Deaton addresses the SEC as transient regulators.
  • Deaton claims that the Ripple executives were sued for not settling with the regulators as expected.
  • Stuart Alderoty comments on the prosecutors’ role in restricting the SEC’s non-comprehensive norms.

Pro-XRP lawyer John Deaton, adding to his vexed comments against the Securities and Exchange Commission (SEC), tagged the agency as “transient regulators.” The attorney’s latest reproval on the SEC came in response to the recent court ruling that paved the way to the SEC’s complete failure in the SEC-Grayscale lawsuit.

In a series of events that overturned the SEC’s inconvenient regulatory authority over the crypto firms, the U.S. court ruled against the regulators’ “unlawful actions.” While the U.S. Court of Appeals Circuit Judge Neomi Rao declared in a court filing that the SEC was wrong in rejecting the investment management company Grayscale’s application for spot Bitcoin ETFs, the U.S. House Committee on Financial Services Republicans wrote on Twitter, “Chairman Gary Gensler’s SEC whiffs again”.

Previously, though Grayscale applied to convert the company’s flagship product, Grayscale Bitcoin Trust (BGTC) into a Bitcoin Spot ETF, the SEC dismissed the request claiming that the platform failed to provide adequate information on their security measures against market manipulation. However, in the recent court order, the judge addressed the need for reviewing the company’s petition against the regulators.

Addressing the regulators’ lawsuit against Ripple Labs that alleged the platform of illegal sale of unregistered securities, Deaton asserted that the Ripple executives were sued for not adhering to the subjective norms of the SEC. His words read,

Stop bowing down to transient regulators. Fight back if you can. Kudos to Ripple and its two executives, sued individually for the sole purpose of intimidation, for not settling like the SEC assumed.

Meanwhile, Stuart Alderoty, the Chief Legal Officer at Ripple Labs, shared a Twitter post, commenting on the SEC’s failed political ideologies. He cited, “Lawyers should never again be told ‘don’t poke the bear’ since it seems that is the only way to stop these unelected bureaucrats from pushing their failed political agendas.”