Been almost two years Ripple (XRP) and the American Securities and Exchange Commission (SEC) embroiled in a notorious lawsuit. The SEC Claims Ripple Unlicensed XRP Tokens As security, or security, has sold. Ripple vehemently denies this. Ripple attorney Stuart Alderoty has vehemently criticized the SEC’s stance in the case.
SEC chairman gets a kick out of it
In a interview with POLITICS In particular, Alderoty gave the SEC chairman, Gary Gensler, a good beating. According to the Ripple attorney, the SEC’s attitude towards Ripple is incomprehensible and the SEC is stepping far beyond their own jurisdiction in the lawsuit.
Alderoty addresses the point that Gensler would argue that all cryptocurrencies except bitcoin (BTC) if security should be seen. That would also mean that all cryptocurrencies would come under the regulatory jurisdiction of the SEC. However, Alderoty argues that this claim is utter madness.
“Well, I don’t remember anyone holding an election for the crypto police officer. I don’t remember Congress appointing Gary Gensler as the agent for crypto.” Alderoty said, “You cannot designate yourself as the agent for crypto.”
The Ripple lawyer naturally criticizes Gensler for his active role in wanting to regulate the crypto market. As Alderoty correctly states, that is not the job of the SEC chairman at all, but of US lawmakers who must first give the SEC the mandate to regulate.
Regulation is difficult
Alderoty also notes that the United States prioritizes politics and power over establishing clear regulatory frameworks within the SEC. This has been detrimental to many large and small companies in the country, Alderoty said.
“What we’re doing here in the US, I think mainly through the SEC as an institution, is that we’re elevating politics and power over sound policy. If you do this, you’re not only hurting innovation, innovators and entrepreneurs like Ripple, you’re also hurting the retail holders of these assets because one in five Americans own or have been dealing with crypto,” Alderoty said.
Recently in the Ripple news to read that both parties in the lawsuit have a summary judgment motion, meaning they both a speedy end to see the lawsuit. Is there finally light at the end of the tunnel?
