Ripple’s Lawyer Urges US Lawmakers to Urgently Pass ‘Sensitive’ Crypto Legislation Amid SEC Legal Action Over XRP CryptoBlog
Ripple’s general counsel has urged US lawmakers to pass “reasonable crypto legislation” in a Securities and Exchange Commission (SEC) lawsuit over the sale of xrp. “Rather than providing regulatory clarity through rulemaking, the SEC is intimidating crypto markets by filing unproven claims masquerading as regulation,” he said.
Ripple Lawyer Calls For ‘Sensitive’ Crypto Regulation
Stuart Alderoty, general counsel for Ripple, highlighted the importance of sensible cryptocurrency legislation in an opinion piece published on Wednesday.
Referring to a House Financial Services Subcommittee hearing on investor protection where Congressman Brad Sherman (D-CA) pushed the SEC to sue major cryptocurrency exchanges that traded XRP, Alderoty pointed out:
Sherman’s off-base remarks underscore the urgent need for sensible cryptography legislation from Washington.
The SEC sued Ripple Labs, CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an unregistered securities offering. Ripple disagreed with the SEC and has since been waging a legal battle with the securities regulator. Recently, Garlinghouse discussed the possible outcomes of the lawsuit.
Alderoty quoted Rep. Sherman stating that “the fact remains” that “XRP…is clearly a security.” However, Ripple’s attorney argued that “the real fact” is:
Filing a complaint does not determine anything.
Noting that the lawmaker is a Harvard-trained attorney, Alderoty alleged, “He knows the SEC cannot determine that XRP is a security. He knows that no country in the world has determined XRP to be a security. He knows that the matter must be decided by the court. Whether XRP is a security or not has yet to be determined, Ripple’s lawyer explained, adding that “when it is done, it will be done by the court.”
Alderoty has criticized the SEC for its approach to regulating the crypto industry, particularly the securities watchdog’s handling of the lawsuit against Ripple and its executives over the sale of XRP.
He tweeted on Wednesday:
Rather than providing regulatory clarity through rulemaking, the SEC intimidates crypto markets by filing unproven claims masquerading as regulation.
Do you think the US Congress will pass reasonable crypto legislation that will help Ripple’s case? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.