Ripple’s general counsel urged U.S. lawmakers to pass “sensible crypto legislation” in a Securities and Exchange Commission (SEC) case regarding xrp sales.” He opined that “the SEC is bullying the crypto market by filing unproven allegations masquerading as regulation rather than clarifying regulation through rulemaking.
Ripple’s General Counsel Calls for “Sensible” Crypto Regulation
Ripple’s general counsel, Stuart Alderoty, stressed the importance of sensible cryptocurrency legislation in an opinion released Wednesday.
Referencing a House Financial Services Subcommittee hearing on investor protection in which Rep. Brad Sherman (D-CA) pressed the SEC to pursue the major cryptocurrency exchanges that tradeXRP,” he said. Alderoty emphasized.
Sherman’s off-the-mark remarks underscore the urgent need for sensible crypto legislation in Washington.
The SEC sued Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that the sale ofXRPwas an unregistered securities offering XRP
Ripple disagreed with the SEC and has since engaged in a legal battle with securities regulators. Recently, Garlinghouse discussed the possible outcomes of this litigation.
Alderoty quoted Rep. Sherman as saying that “the fact remains”that XRP is … . clearly a security.” However, Ripple’s attorney argued that the “real facts” are that.
the filing of the lawsuit determines nothing.
Noting that the congressman is a Harvard-educated lawyer, Alderoty argued.” He knows that the SECcannot determine that XRP is a security. He knows that this issue must be decided in court.”Whether or not XRPis a security has not yet been determined, Ripple’s attorney explained, adding, “When it is made, it will be made by the court.”
Alderoty criticized the SEC’s approach to regulating the crypto industry, particularly the Securities and Exchange Commission’s handling of the lawsuit against Ripple and its executives over the sale of XRP.
He tweeted Wednesday.
The SEC is bullying the crypto market by filing unproven allegations masquerading as regulation rather than clarifying regulation through rulemaking.
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