Ripple’s Chief Legal Officer, Stuart Alderoty, has highlighted a contentious move by the U.S. Securities and Exchange Commission (SEC). According to Alderoty, the SEC presented a previous court decision to a judge as “supplemental authority” without disclosing that the decision was, in fact, a “default judgment.” This oversight means that the case in question was not defended, and as a result, the legal issues at hand were not fully litigated.
Ripple CLO Stance on SEC’s Submission
The strategy used by the SEC to strengthen its case has worried some, particularly legal experts and stakeholders. A default judgment usually happens when the defendant does not appear or respond in court, causing the judgment to be in favour of the plaintiff by default.
Here, the SEC referenced the ruling in SEC v. Wahi, a case relating to the accusations of insider trading against an ex-Coinbase employee and his friends, to support the continuous lawsuit against Binance, Binance.US, and their
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