The SEC has been chastised by Ripple general counsel Stuart Alderoty for its “hypocrisy.” Alderoty attacks the regulator in another case before the Ripple one, claiming that its “hypocrisy was staggering.”
Previously, the SEC’s top lawyer had accused the agency of using the “delay card” in the Ripple case, asking the agency to move the case forward fast.
Despite the SEC’s delay, Ripple and the court are working hard to resolve the matter as soon as possible, according to Alderoty. He, on the other hand, feels that a solution will not be reached until 2023.
In terms of what the year 2022 holds, Ripple’s general counsel has stated that this year will be dominated by cryptocurrency regulation, with the industry’s future on the line. The bitcoin business nearly doubled in value in the last year, while also reaching important adoption milestones.
Despite the fact that technological innovation is sometimes faced with resistance, he went on to say that economic competitors outside the US are quickly adopting digital assets, blockchain-enabled real-time payments, and central bank digital currencies (CBDCs).
In the most recent Ripple case developments, the SEC has issued a response to its letter from late April, in which it claimed that Hinman’s emails were protected by attorney-client privilege.
Former SEC official William Hinman received legal guidance from the SEC’s attorneys, according to the latest response to the Ripple defendants, and so the records were covered by attorney-client privilege and could not be introduced in court.
Ripple has proceeded to partner with FINCI, a Lithuania-based online platform for moving funds, notwithstanding the ongoing dispute.
Ripple aims to use its ODL platform, which is powered by XRP, to construct a payments corridor so that FINCI customers can transmit money from Europe to Mexico (business-to-business payments).
Ripple’s ODL network already includes Mexico, Japan, Australia, South Korea, and the Philippines, among other countries and destinations.