Ripple’s legal council counters false information on social media

The legal council of Ripple, Stuart Alderoty, has countered the false information being circulated on social media. He has cleared the air on the issue of a pretrial with the Securities and Exchange Commission slated for the 16th of April, stating that there is no such agenda in the offing.

He added that this was because both the CEO of Ripple, Brad Garlinghouse, and its Co-Founder, Chris Larsen, were duly exempted from all the charges made by the SEC. There were allegations against them that they were colluding with the company regarding securities rule breach.

He added that the entire matter, forwarded by a person belonging to the XRP community, is related to the past, as it was mentioned before the charges were removed in October.

As per Alderoty, it is Ripple’s turn to file a responsive statement against the SEC’s appeal for penalties, the due date being the 22nd of April. In turn, the SEC will be required to answer to Ripple. The deadline, in this case, is the 6th of May.

As per the recent Ripple news updates, the SEC is asking for over $2 billion in fines and penalty charges from Ripple. Through its motion, the SEC has attempted to justify the large amount, as, in their opinion, it aligns with the company’s overall conduct and integrity. Over and above that, they strongly feel that it will act as a deterrent against committing further fraud about the securities rules within the crypto space.

Garlinghouse spoke up against the SEC’s plea as in his view-point, the entire case was misappropriated, with Alderoty pointing the finger towards the SEC and accusing it of attempting to brow beat the company. In the opinion of the Senior Legal Council of the American Economic Liberties Project, Lee Hepner, it is a highly uncomfortable situation for Ripple.

In the past year, the court passed a ruling mentioning that selling XRP via secondary trading platforms did not come under securities transactions. Still, certain analysts are firm believers that the SEC will try its best to overturn the ruling.