Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid SEC Lawsuit Over XRP

Ripple"s Counsel Urges US Lawmakers to Urgently Pass "Sensible" Crypto Legislation Amid SEC Lawsuit Over XRP

Ripple’s general counsel has urged U.S. lawmakers to pass “sensible crypto legislation” amid a Securities and Exchange Commission (SEC) lawsuit over the sale of xrp. “Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation,” he opined. Ripple’s Counsel Calls for ‘Sensible’ Crypto Regulation

Stuart Alderoty, general counsel for Ripple, stressed the importance of sensible cryptocurrency legislation in an opinion piece published Wednesday.

Referencing a House Financial Services Subcommittee hearing on Investor Protection where Congressman Brad Sherman (D-CA) pushed the SEC to go after major cryptocurrency exchanges that traded XRP, Alderoty emphasized: Sherman’s off-base remarks underscore the urgent need for sensible crypto legislation from Washington.

The SEC sued Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an unregistered securities offering. Ripple disagreed with the SEC and has since been fighting a legal battle with the securities regulator. Recently, Garlinghouse discussed possible outcomes of the lawsuit.

Alderoty quoted Rep. Sherman stating that “the fact remains” that “XRP … clearly is a security.” However, the Ripple counsel argued that “the real fact” is: The filing of a lawsuit determines nothing.

Noting that the lawmaker is a Harvard-trained lawyer, Alderoty alleged: “He knows that the SEC can’t determine XRP to be a security. He knows that no country in the world has determined XRP to be a security. He knows the issue needs to be decided in the court.” Whether XRP is a security or not has yet to be determined, the Ripple counsel explained, adding that “when it is made, it will be made by the court.”

Alderoty has been criticizing the SEC for its approach to regulating the crypto industry, particularly how the securities watchdog handles the lawsuit against Ripple and its executives over the sale of XRP.

He tweeted Wednesday: Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation. Tags in this story Brad Sherman, Congress, Cryptocurrency regulation, Ripple, Ripple lawyer, Ripple US crypto regulation, Ripple US lawmakers, Stu Alderoty, Stuart Alderoty, XRP crypto legislation, XRP crypto regulation

Do you think the U.S. congress will pass sensible crypto legislation that will help Ripple’s case? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms REGULATION | 7 hours ago Fed Board, FDIC Order Voyager Digital to Retract Federal Deposit Insurance Claims REGULATION | 18 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms Next articleCentral African Republic Token Sale off to Slow Start — $1.26 Million Raised in Under 5 Days Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design