Earlier, the top lawyer accused the SEC of playing the “delay card” in relation to the Ripple lawsuit.
Wave General Counsel Stuart Alderotti has called the SEC on its “hypocrisy.” Drawing on another case prior to Ripple One, Alderotti criticized the regulator, saying its “hypocrisy was staggering.”
Earlier, the top lawyer accused the SEC of playing the “delay card” in relation to the Ripple lawsuit, while urging the agency to move the case forward quickly. Despite the SEC’s delay, Ripple and the court are working diligently to resolve the issue as quickly as possible, Aldrotti says. However, he believes a resolution will be reached only in 2023.
In terms of what 2022 brings, Ripple’s general counsel previously stated that this year will be one in which everyone’s focus will be on cryptocurrency legislation, with the future of the industry on the line. Over the past year, the cryptocurrency industry nearly quadrupled in value, while also achieving major adoption milestones.
Although technology innovations are often met with hostility, he said economic competitors outside the United States are increasingly adopting digital assets, blockchain-enabled real-time payments and central bank digital currencies (CBDCs).
In the latest update on the Ripple case, the SEC submitted a reply to support its letter filed in late April, where it insisted that Hinman’s emails were protected by attorney-client privilege. The latest reply from Ripple defendants states that former SEC official William Hinman had obtained legal advice from SEC attorneys and, thus, the documents were protected by attorney-client privilege and could not be presented in court. .
Influenced by the ongoing litigation, Ripple has moved to collaborate with Lithuania-based online platform FINCI to transfer funds. By securing this partnership, Ripple plans to create a payments corridor using its ODL platform, powered by XRP, to allow FINCI customers to send money from Europe to Mexico (business-to-business payments).
Ripple’s ODL network already spans 22 countries and destinations, including Mexico, Japan, Australia, South Korea, and the Philippines.