SEC Faces Criticism in Ripple Case: Uncovered Inconsistencies

• Criticism Towards the SEC's Actions Against Cryptocurrency Companies
• SEC vs. Ripple Lawsuit: Court Points Out Inconsistencies
• Coinbase Case: SEC Accused of Not Responding in Good Faith
• Reluctance to Approve Bitcoin ETF Deemed Arbitrary
• Debt Box Case: SEC Questioned for Misrepresentation
• Possible Developments in the Ripple Case Following SEC's Closed-Door Meeting
• Top Cryptocurrency Platforms in Europe as of December 2023

Criticism Towards the SEC's Actions Against Cryptocurrency Companies

Ripple's Chief Legal Officer, Stuart Alderoty, has drawn attention to some problematic patterns in the U.S. Securities and Exchange Commission's (SEC) defense tactics against cryptocurrency firms. There have been situations in which various courts have criticized the regulatory body's actions.

SEC vs. Ripple Lawsuit: Court Points Out Inconsistencies

In the lawsuit filed by the SEC against Ripple, the court reprimanded the financial regulator for exhibiting behavior it considered inconsistent and hypocritical. The court spotted contradictions in the SEC's arguments and criticized the commission for not dutifully following the law. The SEC is far from perfect; it is overgrown, malfunctioning, and besieged. Do not be afraid when they knock on your door, Alderoty asserted.

Coinbase Case: SEC Accused of Not Responding in Good Faith

Alderoty made reference to another case involving the cryptocurrency exchange platform Coinbase. According to his assertion, the court agreed that the SEC had not responded in good faith to Coinbase's request for crypto rulemaking.

Reluctance to Approve Bitcoin ETF Deemed Arbitrary

Interestingly, another court described the SEC's hesitance to endorse a spot Bitcoin$42,260 -0.64% exchange-traded fund (ETF) as arbitrary and capricious. In this particular scenario, Grayscale took legal action against the SEC for not accepting their request to transform its Bitcoin Trust into a Bitcoin ETF.

Debt Box Case: SEC Questioned for Misrepresentation

In a more recent case, the court questioned why the SEC should not face sanctions for making false and misleading representations in its case against Debt Box.

Pro-crypto lawyer Danielle Bates opined that these cases reveal that courts have been pointing out the SEC for dishonesty. Anyone who is observant can see it. The SEC has been behaving dishonestly and taking advantage of the current impasse in our government, which has been inactive for a while, Bates reported.

Possible Developments in the Ripple Case Following SEC's Closed-Door Meeting

The ongoing legal altercation between the SEC and Ripple continues. Recently, the regulator held a private meeting where high-level officials convened to address ongoing legal controversies.

While the SEC frequently holds such closed meetings, the agenda for this particular meeting highlighted settlement talks. This led to speculation that the Ripple case was a central topic of discussion.

It should be stated that the official announcement from the regulator did not specifically refer to either Ripple or XRP$0.620 -1.68%. However, some members of the XRP community suspect that this meeting could potentially lead to a settlement.

Top Cryptocurrency Platforms in Europe as of December 2023

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Edited by Jonathan Stoker