fbpx

Ripple Counsel Stuart Alderoty Calls For Fair Crypto Laws

Stuart Alderoty, General Counsel for U.S. based blockchain enterprise Ripple, has penned an article demanding the halt to the SEC’s regulatory attacks on crypto. In the same write-up, Alderoty emphasized the urgent need for sensible crypto legislation from Washington.

Commenting on the case in which the SEC accused Ripple of raising capital through an unregistered digital asset securities offering in 2020, Alderoty asserts that “the case has emerged as the bellwether to get clarity on how to classify and regulate digital assets in the U.S.”

Recently, Ripple CEO Brad Garlinghouse also spoke about the need for clear and consistent crypto regulations in a public interview.

Alderoty Calls out SEC for Bullying the Market

Criticizing the SEC for being heavy-handed in its approach to crypto companies, Alderoty claims that, “rather than provide regulatory clarity through rulemaking, the SEC seeks to bully the market by filing, or threatening to file, enforcement cases.” He added, “Unproven allegations masquerading as regulation is bad policy that hurts consumers and markets who are whipsawed by the whims of an unchecked regulator.”

In his most recent tweet, Ripple’s attorney said: “I would rethink the “logic” of saying that crypto markets have to succumb to SEC jurisdiction b/c that’s like saying drivers of electric cars don’t need seatbelts.” He continued: “It’s actually more like punishing electric car drivers b/c they don’t use SEC-owned and controlled gas stations.”

Congress May Need to Step In

Speaking on the debate around whether the XRP could be classified as a security or not, Alderoty insisted, “this is all precisely why Congress needs to fix this mess and provide a comprehensive legislative framework for crypto.”

“[The] two bipartisan proposals (the ‘Digital Commodity Exchange Act’ and the ‘Responsible Financial Innovation Act’) that seek to define the line between securities and commodities in the digital asset space are a good start,” Alderoty emphasized. 

On the Flipside

  • The legal battle between the SEC and Ripple has now been raging for 19 months. 

Why You Should Care

Ripple outlined its potential plan to move to Canada in the event that it loses the case against the SEC.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

Akriti Seth is a Zurich-based business journalist with over six years experience of being a pharma, finance, state and news reporter. As a correspondent for organisations like Channel NewsAsia and Bloomberg TV India, she covered a wide range of subject matter. Being hands-on with social media and current affairs gives her a unique perspective on fintech and crypto. She also enjoys photography and blogging.