Stuart Alderoty, the chief attorney for Ripple, has emphasized how the US Securities and Exchange Commission (SEC) is intimidating the crypto markets through recent court filings that pass for regulation.
Alderoty stated this in a tweet on the 27th of July 2022, in which he captioned an article titled, “Halting the SEC’s Regulatory Attack On Crypto.”
Stuart Alderoty tweeted, “Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation. In my latest op-ed, I outline the urgent need for sensible crypto legislation from Washington.”
Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation. In my latest op-ed, I outline the urgent need for sensible crypto legislation from Washington. https://t.co/BiY5rkCdEM
— Stuart Alderoty (@s_alderoty) July 27, 2022
In the attached blog post, Mr. Alderoty claims that the SEC’s rulemaking process does not bring regulatory clarity. To “bully the market by filing, or threatening to file, enforcement cases,” the regulatory body chooses to do so. Such legal disputes, he continued, could destroy the cryptocurrency market and undermine America’s status as the world’s innovation leader.
He said:
“Unproven allegations masquerading as regulation is bad policy that hurts consumers and markets who are whipsawed by the whims of an unchecked regulator. As a result, American innovation — and the jobs created — are fleeing the U.S.”
As an example, he cites the ongoing SEC lawsuit against Ripple. In this case, he stated that a Judge clarified last year that XRP is ‘no more a security after the SEC filed the enforcement action than it was before it.’
Alderoty concluded by urging lawmakers in Washington DC to take the lead in accelerating regulatory clarity in the United States:
“This is all precisely why Congress needs to fix this mess and provide a comprehensive legislative framework for crypto.
“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.
“The Wall Street Journal said it best last week when it urged Congress to “exercise its oversight authority over the SEC by demanding that Mr. Gensler halt his high-speed regulatory attack.”
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