- In an opinion post published on Wednesday, Stuart Alderoty, general counsel at Ripple, emphasised the need for smart cryptocurrency law.
- Sherman’s erroneous comments highlight the pressing need for thoughtful crypto legislation from Washington.
- Due to Ripple’s disagreement with the securities regulator, the SEC and Ripple are now involved in a court battle.
SEC Intimidating The Cryto Markets?
In response to a Securities and Exchange Commission (SEC) lawsuit on the sale of XRP, Ripple’s general counsel has encouraged American politicians to establish appropriate crypto legislation. The counsel asserted that the SEC is intimidating the cryptocurrency markets by presenting unsubstantiated claims under the guise of regulation rather than bringing regulatory clarity through rulemaking.
In an opinion post published on Wednesday, Stuart Alderoty, general counsel at Ripple, emphasised the need for smart cryptocurrency law. Alderoty emphasised while referring to a hearing on investor protection held by the House Financial Services Subcommittee, Congressman Brad Sherman (D-CA) urged the SEC to pursue big cryptocurrency exchanges that sold XRP.
Nothing Changes When a Lawsuit is Filed
Sherman’s erroneous comments highlight the pressing need for thoughtful crypto legislation from Washington. In December 2020, the SEC filed a lawsuit against Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen, saying that the sale of XRP was an unregistered securities offering. Due to Ripple’s disagreement with the securities regulator, the SEC and Ripple are now involved in a court battle. Garlinghouse recently discussed the litigation’s probable outcomes.
Sherman was quoted by Alderoty as saying that the XRP… definitely is a security and that the reality remains. The Ripple attorney countered that the true reality is that
Nothing changes when a lawsuit is filed. The fact that someone filed a lawsuit does not explain anything regarding it.
Source: https://www.thecoinrepublic.com/2022/07/30/ripples-counsel-believes-the-us-lawmakers-should-be-sensible-on-the-lawsuit/