u.today
Ripple's Chief Legal Officer (CLO) Stuart Alderoty has taken a subtle jab at the U.S. Securities and Exchange Commission (SEC) regarding its establishment of an unclear crypto regulatory framework. In a recent post on X, Alderoty stated that “the SEC’s rules are so vague and loosey-goosey that nobody knows whether they’ll be at risk.”
Alderoty's critique of the SEC
Alderoty's comments were prompted by statements made by a U.S. judge in the case of NCPPR v. SEC. This case involves the National Center for Public Policy Research (NCPPR), a far-right group challenging an SEC ruling regarding a shareholder proposal in Kroger's proxy statement. The judge's assertion that the SEC's rules are unclear and potentially risky for corporations resonated with Alderoty.
I don’t know much about this proxy access case argued in the 5th Circuit yesterday, but when a judge says the SEC’s rules are “so vague and loosey-goosey that nobody knows whether they’ll be at risk…,” she may be on to something. NCPPR v SEC. pic.twitter.com/Nj08JTpaEu
— Stuart Alderoty (@s_alderoty) March 6, 2024
This subtle jab from Ripple's CLO comes amid a broader backdrop of contention between the company and the SEC. Alderoty has been vocal in its criticism of the SEC and its chairman, Gary Gensler, accusing the regulatory agency of losing legal battles and engaging in what he described as "shady behavior."
In November, Alderoty did not hold back, calling for Congress to pass "sensible" laws to regulate cryptocurrencies effectively. He also proposed collaborative efforts between the SEC and the Commodity Futures Trading Commission (CFTC) to develop a framework for protecting the cryptocurrency market.
Ripple-SEC case update
Meanwhile, the legal battle between Ripple and the SEC continues to unfold. The latest development sees the SEC requesting an extension for upcoming deadlines related to remedies in their ongoing case. This extension grants the SEC additional time to review materials provided by Ripple and prepare remedies-related briefings.
Specifically, the SEC asked for an extension to file its remedies-related opening brief, pushing the deadline from March 13 to March 22. Ripple, according to reports, has agreed to the SEC's request. Additionally, the deadlines for Ripple's opposition brief and the SEC's reply brief were also extended to April 22 and May 6, 2024, respectively.