SEC’s “hypocrisy is staggering” expected next week in XRP case


Tomiwabold Olajide

Previously Top Lawyer Had Accused SEC of Playing “Delay Card” Over Ripple Lawsuit

Ripple General Counsel Stuart Alderoty has notified the SEC of his “hypocrisy.” Based on another case before the Ripple case, Alderoty criticizes the regulator, stating that his “hypocrisy was staggering”.

Previously, the top attorney had accused the SEC of playing a “delay card” regarding the Ripple lawsuit, while urging the agency to move the case quickly. Despite the SEC delay, Ripple and the court are working hard to resolve the issue as quickly as possible, Alderoty said. However, he believes a solution will not be reached until 2023.

In terms of what the year 2022 will bring, Ripple’s general advisor stated earlier that this year would be a year where all the focus will be on cryptocurrency legislation, with the industry’s future at stake. In the past year, the value of the cryptocurrency industry has nearly quadrupled while hitting key adoption milestones.

While technological innovation is often met with hostility, he added that economic competitors outside the United States are rapidly adopting digital assets, blockchain real-time payments and digital currencies (CBDCs) from the central bank.

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In its latest updates to the Ripple case, the SEC has filed a response in support of its letter filed in late April, in which it insisted that Hinman’s emails were protected by attorney-client privilege. The latest response to the Ripple defendants stated that former SEC official William Hinman received legal advice from the SEC’s attorneys and thus the documents were protected by attorney-client privilege and could not be presented in court.

Undeterred by the pending lawsuit, Ripple has teamed up with FINCI, a Lithuania-based online money transfer platform. By scoring this partnership, Ripple plans to create a payment corridor using its ODL platform, which is powered by XRP, so that FINCI customers can send money from Europe to Mexico (business-to-business payments).

Ripple’s ODL network already spans 22 countries and destinations, including Mexico, Japan, Australia, South Korea and the Philippines.



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