Ripple General Advisor (XRP): SEC Acting Out Of Law Limit
JAKARTA The feud between the US Securities and Exchange Commission (SEC) and Ripple (XRP) has experienced positive developments. The Ripple vs SEC case is reported to have reached an important point. The reason is, both parties both filed an independent motion for a summary assessment which is a step to end a protracted feud that took more than two years.
Based on the latest developments, Ripple's General Advisor, Stuart Alderoty criticized US regulators. According to him, today's "submission shows that the SEC is acting beyond their legal limits," quoted from DailyCoin.
SEC doesn't want to apply the law they want to recreate the law in the hope of evading their jurisdictions irresponsibly, Alderoty added.
Furthermore, the Ripple General Advisor stated that the case had taken two years. During that time, the SEC is said to have been unable to identify the problem despite arguing that it used Howey's test in its securities categorization.
"After two years of court proceedings, the SEC was unable to identify any contracts for investment (you are required by law); and could not fulfill a single branch of the Supreme Court's Howey test. Everything else is just noise," Alderoty said in a Twitter post last week.
Alderoty's statement was strengthened by Ripple CEO Brada Garlinghouse. The Ripple boss stated that the filing revealed that the SEC's condition was not interested in implementing the law.
Today's filing clears that the SEC is not interested in implementing the law. They want to recreate everything in an attempt not allowed to expand their jurisdiction far beyond the authorities given to them by Congress," Garlinghouse said.
Ripple's feud The SEC Will End?
The Ripple vs SEC case, which has become a topic of discussion of the crypto community, has become a hot topic of discussion. In fact, the case has dragged SEC officials in relation to one of the largest crypto companies. The feud seems to be over, because both sides are calling for a federal judge to oversee the case to immediately make a final decision regarding the case.
Previously, the SEC sued Ripple and its top brass for selling unregistered securities. Rergulator suspects Ripple has collected 1.3 billion US dollars through XRP sales. Even so, the SEC could not prove it. The regulator actually bought time and refused to reveal the contents of William Hinman's speech to the public regarding his 2018 statement calling XRP a security. While Bitcoin and Ethereum are commodities.
In key developments into the case, the judge in charge of the case, Magistrat Judge Sarah Netburn, rejected the SEC's request for attorney-clien privilege in connection with Hinman's speech documents.
Expanding the summary assessment motion, Alderoty further emphasized that Congress only gives the SEC jurisdiction over securities. Let's get back to what the law says," concluded the Ripple General Advisor.