Saturday, June 3, 2023

Ripple Counsel Slammed US SEC For Trying To Bankrupt Crypto

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Ripple Counsel Stu Alderoty slammed the US SEC for trying to bankrupt crypto and bully the innovation in the country so let’s read more today in our latest Ripple news and find out what this actually means.

Ripple Counsel Stu Alderoty stated:

“Like a hammer wanting everything to be a nail, the SEC is keeping everything murky so it can argue every crypto is a security.”

He slammed the US SEC for trying to bully and bulldoze crypto innovation in the US in the name of expanding regulatory territory :

“By bringing enforcement actions–or threats of potential enforcement–the SEC intends to bully, bulldoze, and bankrupt crypto innovation in the U.S., all in the name of impermissibly expanding its own jurisdictional limits.”

Alderoty shared his views amid the ongoing lawsuit between Ripple and the regulator which he says is a part of the SEC assault on crypto in the US by treating cryptocurrencies like securities:

“Like a hammer wanting everything to be a nail, the SEC is keeping everything murky so it can argue every crypto is a security.”

Ripple Labs has gotten embroiled in a legal battle with the SEC since 2020 when the regulator filed a lawsuit alleging that the crypto company used Ripple tokens to raise funds for the company in 2013 claiming it was unregistered security. Ripple fired back and claimed in a speech by Robert Hinman who was a Director of Corporation Finance for the SEC, categorizing Ether and BTC as nonsecurity due to being decentralized enough.

SEC Launches Investigation, gensler, insider trading, exchanges, gensler

Ripple argued that the speech was in contradiction with the SEC claims against Ripple and the XRP token but the regulator countered the argument by claiming the speech was the director’s own views and not one of the regulators. Alderoty wrote:

“Despite disclaimers that the speech was Hinman’s personal opinion and ‘not necessarily that of the Commission.  For Ripple, Hinman’s speech affirmed the conclusion that XRP — a cryptocurrency that exists on an open, permissionless, decentralized blockchain ledger — was a commodity and/or a virtual currency. Certainly not a security.”

US Senators Kirsten Gillibrand agreed that most cryptos will like to be classed as securities under the Howey Test except Bitcoin and ether. The chair of the Commodity Futures Trading Commission Rostin Behnam took a different view and said there are hundreds of coins that replicate the security coins and there are many other commodity coins like BTC and ETH that will be regulated by the commission.

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