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Ripple vs. SEC: Critics Should Comprehend Ripple’s Arguments Before Refuting Them, Says Alderoty

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Stuart Alderoty, the legal representative for Ripple, has criticised cryptocurrency media source Coindesk for a recent op-ed it published regarding the Ripple lawsuit. According to Preston Byrne, a columnist for Coindesk, Ripple will “sooner or later” lose its legal battle with the SEC.

Alderoty’s defence is similar to denial, according to Bryme. Ripple’s General Counsel “argue that there was no investment contract during the sale of XRP because there is no formal contract between Ripple and XRP purchasers and that the tokens were sold for consumptive use,” Bryme said. 

Read more: As The Bear Market Continues, Ripple Continues to Hire Engineers

Comments From Alderoty to the Op-Ed in Coindesk

Alderoty requested the media outlet, whom he referred to as opponents, to comprehend Ripple’s legal views before refuting them in response to Coindesk’s latest Op-Ed post. He pointed out that Ripple explicitly stated in its summary judgment reply brief submitted on December 2 that it does not rely on the finding that XRP was bought with the intention of using it.

“[…] Though such a conclusion, as shown by amici briefs and the non-speculative evidence, would defeat the SEC’s claims,” he added. 

Alderoty went a step further, listing three points that represented Ripple’s “legal arguments” in the continuing legal dispute. The chief legal officer of Ripple asserts that the company has no investment agreements with any XRP holders.

The Silicon Valley tech corporation does not admit any of the Howey Test’s prongs, he added, and the Securities and Exchange Commission was unable to satisfy even one of its requirements in this case.

Alderoty argued that Bryme’s assertion that the SEC relied on a wide range of ICO cases that satisfied all limbs of the Howey Test has no relevance in the ongoing litigation.

Additionally, Alderoty said that the SEC and other critics have been trying to reframe Ripple’s legal positions because they lack responses to the firm’s claims.

“I’m glad even the detractors recognize that the SEC’s invitation to come in and register is like trying to take a Ford Model T into space,” he said. 

However Alderoty expressed his gratitude to Coindesk for acknowledging that the SEC’s invitation to cryptocurrency firms to come in and register is unrealistic.

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