Ah, the U.S. Securities and Exchange Commission, like a stubborn old man clutching his hat on a windy day, refuses to pause its appeal against Ripple. Perhaps it is too busy prioritizing cases with deadlines more imminent than a cat on a hot tin roof, as legal sources have whispered to Fox Business.
In the midst of this delightful circus, we find our protagonist, Ripple—a blockchain company based in the bustling city of San Francisco—humble yet audacious, requesting a deadline of April 16 for its opening brief, a date more suitable for picnics than legal battles.
Meanwhile, the SEC decided to unleash its opening brief with all the haste of a seagull swooping down on a forgotten hotdog, just before the departure of the ever-dramatic SEC Chair Gary Gensler.
Now, enter Brad Garlinghouse, the CEO of Ripple, throwing his hands up in despair, likening the SEC’s brief to “the definition of insanity.” One might think he confused the courtroom with a comedy club. And let us not forget Stuart Alderoty, the top lawyer of Ripple, who labeled the SEC’s filing as mere “noise,” as if the agency were an off-key kazoo player at a symphony.
Alderoty had the gall to urge the SEC to abandon its non-fraud cases—perhaps he’s aiming for a career in stand-up. Despite Ripple’s heartfelt request for the SEC to postpone its brief in light of Gensler’s departure, the agency coolly brushed it off, as if saying, “Not today, my dear blockchain!”
In a bizarre twist, the agency asked for a 60-day break in the Binance case. Perhaps they needed time to refill their coffee mugs and silently ponder their life choices.
Moreover, according to a Wednesday report from The Wall Street Journal, the SEC seems to be in the midst of wrapping up its high-profile lawsuit against Coinbase. One could imagine the agency filing mountains of paperwork with a sigh of resignation.
Whispers amongst the crypto crowd suggest that the SEC is waiting for a new leader, Paul Atkins—a former SEC commissioner who has been likened to a crypto-savior. Nicknamed ‘the crypto-friendly crusader’ (unofficially, of course), he’s yet to be confirmed by the Senate. Could he be the hero this story needs, or just another character in a never-ending drama?
Last month, ever the optimist, Alderoty boldly predicted that the case might be voluntarily withdrawn by 2025. One can only hope that by then, the SEC and Ripple might find common ground—or at the very least, a mutual fondness for quiet coffee breaks.
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2025-02-19 22:13