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.”
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.”
Follow us on Twitter, Facebook, Telegram, and Google News
Crypto influencer Amelie recently highlighted the ongoing impact of the U.S. Securities and Exchange Commission…
JackTheRippler’s announcement about the ready XRP Unleashed project has captured the attention of Ripple supporters…
Ethereum price has been moving in a narrowed zone trading at $2,460. There has been…
FXGuys ($FXG), a new multi-asset token, is gearing up to challenge Ethena (ENA) and Sui…
In a recent post, cryptocurrency influencer Amelie drew attention to a bold prediction by Ben…
XRP has been trading below $1 for some time, with recent declines emphasizing its challenges…