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Ripple’s Adviser Urges US Lawmakers to Quickly Pass ‘Sensible’ Crypto Legislation Amid SEC Lawsuit Over XRP – Regulation Bitcoin News
Ripple’s general counsel has urged US lawmakers to pass “sensible crypto legislation” amid a Securities and Exchange Commission (SEC) lawsuit over the sale of xrp. “Instead of providing regulatory clarity through rulemaking, the SEC bullies crypto markets by filing unsubstantiated claims masquerading as regulation,” he opined.
Ripple’s advisor calls for ‘sensible’ crypto regulation
Stuart Alderoty, general counsel for Ripple, emphasized 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 go after major cryptocurrency exchanges that traded XRP, Alderoty emphasized:
Sherman’s off-base remarks underscore the urgent need for sensible crypto 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 fought a legal battle with the securities regulator. Recently, Garlinghouse discussed the possible outcome of the lawsuit.
Alderoty cited Rep. Sherman who stated that “the fact remains” that “XRP … is clearly a security.” However, the Ripple lawyer claimed that “the real fact” is:
Filing a lawsuit decides nothing.
Noting that the lawmaker is a Harvard-educated lawyer, Alderoty alleged, “He knows that the SEC cannot determine that XRP is a security. He knows that no country in the world has decided that XRP should be a security. He knows that the matter must be decided in court.” Whether or not XRP is a security has yet to be determined, the Ripple lawyer explained, adding that “when it is made, it will be made by the court.”
Alderoty has criticized the SEC for its approach to regulating the crypto industry, particularly how the securities watchdog is handling the lawsuit against Ripple and its executives over the sale of XRP.
He tweeted on Wednesday:
Instead of providing regulatory clarity through rulemaking, the SEC bullies crypto markets by filing unproven claims masquerading as regulation.
Do you think the US Congress will pass sensible crypto legislation that will help Ripple’s cause? Let us know in the comments section below.
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