Ripple's General Counsel Criticizes Sec's Crypto Crackdown
Date
7/23/2023 11:00:06 PM
(MENAFN- CoinXposure)
The General Counsel of Ripple Labs, Inc., Stuart Alderoty, has criticized the United States Securities and Exchange Commission (SEC) for its alleged efforts to tighten down on the crypto ecosystem .
Alderoty shared a tweet in response to a previous tweet by the company's CEO, Brad Garlinghouse, in which he accused the market regulator of conducting an investor-devastating retail protection campaign.
Alderoty responded that the SEC is exercising authority in a market over which it has no jurisdiction.
The Ripple CLO remarked that the SEC asserts cryptocurrencies are securities, but when there is no security to pursue, market regulators have no role in enforcing them.
In general, Alderoty considers the SEC's actions a political power move that benefits no one.
The executives of Ripple and stakeholders in the digital currency ecosystem have been highly critical of the SEC's position in the ripple lawsuit.
The market regulator has stated that it disagrees with the ruling that XRP is not a security when sold on the secondary market, giving the first indication that it may file an appeal.
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If the SEC chooses to appeal the summary judgment, crypto legal specialists have reaffirmed that XRP will have the upper hand for at least the next two years.
The appeal could last that long, and during that time, the XRP holder's attorney, john deaton , stated that XRP would be cleared as a non-security and, barring a change in the verdict, would experience the current benefits of being traded on major exchanges.
The Ripple vs. SEC case remains one of the most prominent in the crypto ecosystem, and the most recent ruling is regarded as a de facto precedent that may soon guide other similar cases.
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