The post Ripple Executives Slam SEC Amid Grayscale’s Favorable Ruling appeared first on Coinpedia Fintech News
On Tuesday, the District of Columbia Court of Appeals issued a favorable ruling for Grayscale over the SEC. The court mandated the SEC to reevaluate its previous decision, which had resulted in the rejection of Grayscale’s proposal to introduce a Bitcoin exchange-traded fund (ETF) focused on spot trading.
As a result of the ruling, the market turned bullish on GBTC, and its shares rallied a record 17% since 2021. Prices of other cryptos soared as well. Around this major development in the crypto space, Ripple CEO Brad Garlinghouse and Chief Legal Officer (CLO) Stuart Alderoty slammed the SEC after the court’s ruling.
Alderoty Attacks SEC’s Legal Setbacks and Enforcement
Alderoty, quoting the latest news in a social media post said that the SEC has been battered in the court. It is notable that Ripple also scored a partial victory against the SEC less than a month ago. Alderoty highlighted some points from that case and affirmed that the SEC was proved wrong and called hypocritical and lacking faithful allegiance to the law by a district court.
The court had also fined the SEC for “discovery abuse.”. On the current case between SEC and Grayscale, Alderoty said that the court described the SEC’s denial as arbitrary and capricious. Alderoty also accuses the SEC of regulating the crypto space by enforcement, instead of by law.
For Garlinghouse it is a Summer of Justice
Ripple CEO Garlinghouse was also in a celebratory mood over Grayscale’s significant victory. Reacting to
Alderoty’s post, he said that recent victories against the SEC feel like a “Summer of Justice.” Nonetheless, he also conveyed his dissatisfaction at the necessity for crypto-related enterprises to employ legal measures “to demonstrate that the SEC is operating beyond reasonable bounds and consistently making incorrect assessments in terms of both facts and legal matters.”
In the SEC v. Ripple case, Ripple has been engaged in an intense legal dispute with the SEC for over two years. While the court has delivered a summary judgment, the case’s resolution might extend for an additional two years or longer due to the SEC’s intention to contest the aspects of the ruling that favored Ripple. The SEC aims to challenge the court’s decision regarding Ripple’s programmed sales of XRP and other distributions.
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