2024

April

when

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<a href="https://x.com/s_alderoty/status/1774127397081673824?s=20" rel="noopener noreferrer nofollow">Stuart Alderoty</a>, the chief legal officer at Ripple, took to social media to share insights on the recent ruling in the&nbsp;<a href="https://u.today/coinbase-ceo-explains-why-they-got-huge-win-against-sec" rel="noopener noreferrer nofollow">SEC v. Coinbase</a> legal battle. Alderoty's remarks followed the court's decision Wednesday, March 27, which favored the regulator, allowing the case to proceed to a full trial.
Alderoty critiqued the SEC's position, suggesting that the SEC had presented a facade to the judge, asserting claims that now require substantial evidence to support. He voiced skepticism about the Commission's ability to deliver on its allegations, referring to them as "all hat, no cattle."
Notably, Alderoty recalled an incident where the&nbsp;<a href="https://u.today/xrp-alert-16-million-xrp-bought-by-single-whale-on-major-korean-exchange" rel="noopener noreferrer nofollow">Ripple</a> judge dismissed an expert witness brought forth by the SEC, indicating a history of skepticism toward the regulator's claims.
<blockquote>
 Re-read Wed.’s Coinbase ruling. Basically, the SEC sold the Judge a bill of goods that she had to accept as true at this stage of the case. Now comes the hard part - - producing evidence. My bet: the SEC is all hat, no cattle.— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1774127397081673824?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 30, 2024</a>
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<h2 dir="ltr" id="sec-v-coinbase-what-s-next">SEC v. Coinbase: What's next?</h2>
The court's recent ruling upheld the SEC's allegations against major U.S. crypto exchange, asserting that&nbsp;<a href="https://u.today/bitcoin-reacts-to-sec-v-coinbase-ruling-with-price-drop" rel="noopener noreferrer nofollow">Coinbase</a> may be operating as an unregistered broker and clearinghouse. However, it also recognized Coinbase Wallet as not falling under the category of a broker. The focus of the ongoing legal proceedings will now narrow down to issues concerning the staking program of the exchange.
The legal saga between the SEC and Coinbase began last year, when the regulatory body filed a lawsuit alleging violations of federal securities laws. The matter of the case was accusation of the exchange offering trading and staking services without proper registration.
With a deadline set for April 19 for the parties to agree on a trial schedule, the stage is set for a rigorous legal battle ahead.

'SEC Is All Hat': Ripple CLO Reflects on Coinbase v. SEC Battle

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