Ripple’s general counsel has urged US lawmakers to pass “reasonable crypto legislation” amid a lawsuit by the Securities and Exchange Commission (SEC) over the sale of xrp. “Instead of providing regulatory clarity through rule-making, the SEC is bullying the cryptocurrency markets by making unsubstantiated claims masquerading as regulation,” he said.
Ripple advisor calls for ‘reasonable’ crypto regulation
Stuart Aldrotti, General Counsel of Ripple, emphasized the importance of reasonable 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 Securities and Exchange Commission (SEC) to pursue major cryptocurrency exchanges that were traded XRPAldrotti asserted:
Sherman’s off-base notes underscore the urgent need for reasonable crypto legislation from Washington.
The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that XRP The sale was an offer of unregistered securities. Ripple fell out with the SEC and has since been locked in a legal battle with the securities regulator. Recently, Garlinghouse discussed the possible consequences of the lawsuit.
Alderotti quoted Representative Sherman as saying that “the fact remains” that “XRP … It is clearly a security.” However, Ripple’s lawyer argued that the “real truth” is:
Filing a lawsuit does not specify anything.
Referring to the lawmaker being a Harvard-trained lawyer, Aldroti claimed: “He knows that the SEC cannot determine XRP to be safe. He knows that no country in the world has decided that XRP to be safe. He knows that the matter needs to be settled in court.” Whether XRP Ripple’s lawyer explained that the guarantee has not been or has not yet been determined, adding that “when it is made, it will be issued by the court.”
Alderoty has criticized the Securities and Exchange Commission (SEC) for its approach to regulating the cryptocurrency industry, particularly the way the Securities and Exchange Commission is handling the lawsuit against Ripple and its executives over the sale of the cryptocurrency. XRP.
Instead of providing regulatory clarity through rule-making, the Securities and Exchange Commission (SEC) is bullying the cryptocurrency markets by making unsubstantiated claims masquerading as regulation.
Do you think the US Congress will pass reasonable crypto legislation that would help Ripple’s cause? Let us know in the comments section below.
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