Stuart Alderoty, the chief legal officer of Ripple, drew a poignant parallel between the SEC’s approach and Kafka’s “The Trial.” This comparison underscores Ripple’s contention of unfair treatment.
Alderoty’s comparison underscores Ripple’s assertion that it has faced unfair treatment from the regulatory body throughout the investigation and Wells Notice process. This comparison highlights Ripple’s contention that the SEC’s actions resemble the obscure and labyrinthine bureaucracy depicted in Kafka’s work.
Challenges In Regulatory Navigation
Some argue that Ripple’s case reflects a broader trend. Other cryptocurrency firms like Robinhood or Coinbase also encounter similar challenges in deciphering the SEC’s inconsistent feedback.
Related article: Ripple Nears End of SEC Lawsuit
As the legal saga continues, the SEC persists in pursuing remedies against Ripple. They seek nearly $2 billion for allegedly selling XRP to institutional investors.
In response to the SEC’s motion for judgment and remedies, Ripple has filed to seal certain documents, expressing concerns that their disclosure could inflict significant harm on its business interests
Protecting Privacy Interests
The requested redactions encompass highly confidential information relating to earnings, revenues, expenses, and discounts at which XRP was sold to institutions. While Ripple acknowledges the relevance of its discounts to institutional buyers, it refuses to disclose specific financial and pricing terms.
Related article: Ripple v. SEC: Legal Expert Challenges SEC’s Case
Additionally, Ripple seeks to safeguard the identities of nonparty financial institutions, customers, and employees, arguing that disclosure could jeopardize their legitimate privacy interests and potentially harm business partnerships.
Despite the SEC’s request for over $2 billion in fines and penalties, Ripple contends that any civil penalty should not exceed $10 million. This discrepancy underscores the fundamental disagreement between Ripple and the SEC regarding the appropriate punitive measures.
