Stuart Alderoty, the principal attorney for Ripple, has criticized the SEC for its hypocritical position on false claims or omissions in registration statements. It is a well-known fact that when registration statements are dishonest, the SEC issues stop orders preventing them.
Within a week, Coinbase was accused of operating as an unregistered securities trade, dealer, and clearing corporation by the US Securities and Alternate Fee (SEC). According to the SEC’s complaint, Coinbase has been illegally advertising and assisting the purchase of crypto asset securities at least since 2019.
Alderoty pointed out the SEC’s contradictions by arguing that the statement “I’m not registering as a broker-dealer, a securities trade, or an ATS as a result of I’m not buying and selling securities” should have been disallowed if the SEC thought it was dishonest.
As previously said, the top Ripple attorney emphasized the SEC’s assumption that filing litigation against the two biggest exchanges, Binance and Coinbase, would be an effective way to shock and awe the public. “My money stays completely in on the rule of law,” he continued.
13 June: A crucial day
On June 13, it is anticipated that the publicly redacted documents of former SEC employee William Hinman, as well as cross-motions for abstract judgment in the Ripple litigation, would be made available. In a speech from 2018, Hinman proclaimed Ethereum to be unsafe.
Due to the recent litigation filed against Binance and Coinbase, anticipation is growing as to what the Hinman documents may mean for the whole cryptocurrency industry.
The outspoken “Mr. Huber” of the XRP community shares his anticipation for the release of the Hinman documents.
The Hinman emails, in his opinion, will be bad for cryptocurrency but beneficial to Ripple. This will be the case because it will demonstrate that the SEC’s entire crypto policy, which was based mostly on Hinman’s speech, was invalid, he added.
