Ripple’s General Counsel Expresses Gratitude to His Colleagues as SEC Lawsuit Approaches an End
Alderoty says he is grateful to his colleagues at Ripple.
Ripple’s General Counsel Stuart Alderoty has taken to Twitter to express gratitude to his colleagues at the leading blockchain company.
“As we hit the beginning of the end with the SEC lawsuit, I couldn’t have asked for a better team to be part of. Thankful every day for my equally inimitable colleagues at @Ripple!,” Alderoty said.
As we hit the beginning of the end with the SEC lawsuit, I couldn’t have asked for a better team to be part of. Thankful everyday for my equally inimitable colleagues at @Ripple! https://t.co/GOc84T1WH8
— Stuart Alderoty (@s_alderoty) December 6, 2022
Ripple Lawsuit Nears Its Conclusion
It bears mentioning that Alderoty has led a team of litigators from top legal firms to defend Ripple in the company’s fight against the Securities and Exchange Commission. Some members of the legal team defending Ripple against the SEC include the founding partner of Kellogg Michael Kellogg, Andrew Ceresney of Debevoise & Plimpton partners, etc.
Meanwhile, the Ripple lawsuit will soon be concluded, as the parties have filed their summary judgment motions, opposition, and replies. Each party – the SEC and Ripple – have asked U.S. federal judge Analisa Torres to declare a summary judgment in its favor. Judge Torres is currently reviewing the dueling motions. According to pro-Ripple lawyer James K. Filan, the lawsuit could end on or before March 31, 2023.
Bloomberg: Alderoty Is the Face of Crypto
Alderoty’s tweet comes hours after Bloomberg Law described him as the “Face of Crypto in Ripple-SEC Fight.” The article was published today by Bloomberg to applaud Alderoty for his efforts to fight for favorable crypto regulations. According to Bloomberg Law, Alderoty, a 63-year-old lawyer, spent most of his career in the traditional finance sector. However, he “gave up 30 years of networking” in Wall Street legal roles to join Ripple in 2019, Bloomberg noted.
Notably, Alderoty funded his college and law school fees himself by doing several jobs, including driving a forklift at a light bulb company. Before he was appointed general counsel at Ripple in 2019, Alderoty served as CIT Group’s general counsel, HSBC Holdings’ North American legal chief and American Express litigator, among others.
His journey at Ripple prompted him to push for favorable regulations for the blockchain industry, as the SEC charged the Silicon Valley tech company for allegedly violating U.S. laws by offering unregistered security.
“Alderoty said he favors reasonable regulation of the crypto industry, but the SEC is playing politics instead of pursuing sound policy,” Bloomberg stated in the article. Ripple’s legal chief and the company’s CEO, Brad Garlinghouse, said Congress is responsible for regulating crypto, not the SEC.
Alderoty usually questions the SEC’s authority over crypto whenever the agency chair Gary Gensler makes bold claims about the nascent industry. Recall that in June, Gensler mounted pressure on altcoins after saying Bitcoin is the only cryptocurrency he considers to be outside of the SEC’s jurisdiction. Responding to Gensler’s statement, Alderoty said the SEC chair cannot appoint himself as the cop on the beat for the cryptocurrency industry.
For Alderoty, the SEC under Gensler prioritizes protecting its turf at the expense of U.S. investors. He added that the lawsuit filed against Ripple was a rug pull on investors.
Reacting to the Bloomberg piece, Garlinghouse said:
Learned a few new fun facts about our inimitable @s_alderoty here myself! ( example: the man has put out BOTH literal and figurative fires 🔥)https://t.co/nt1VG7tC5W
— Brad Garlinghouse (@bgarlinghouse) December 6, 2022
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