The Securities and Exchange Commission (SEC) has been extensively criticized for its regulatory stance in the sectorul cripto, which, according to many, has continued to hinder the expansion of the burgeoning market.
lui Ripple General Counsel, Stuart Alderoty, is one of the people in the cryptocurrency market who has been vocally opposed to the approach the SEC is taking to the regulament of cryptocurrencies. Alderoty discussed the regulatory instability of the crypto market in the United States in a recent POLITICO Live interviu on September 20, where he focused on SEC Chair Gary Gensler’s overreach in the field.
According to Gensler, Bitcoin (BTC) is the only cryptocurrency that is not subject to SEC regulation. As a result, all crypto assets other than BTC are security and should be regulated by the agency.
In response to the comments, Alderoty said that he is unaware of any election in the crypto domain that led to Gensler being appointed as the crypto police officer on the beat.
“Well, I don’t remember anyone holding an election for the cop on the beat for crypto. I don’t remember Congress appointing Gary Gensler as the cop on the beat for crypto.” Alderoty said, “You [Gensler] cannot self-appoint yourself as the cop on the beat for crypto.”
Crypto sector hampered by unclear regulation
When comparing the United States to other developed economic hubs like Singapore, the United Kingdom, or Dubai, Alderoty noted that the crypto sector in the U.S. has been plagued by regulatory ambiguity for years.
As the Ripple General Counsel pointed out, the U.S. has been prioritizing politics and power above solid regulations through the SEC, which has been detrimental to startups, small businesses, and retail investors.
“What we’re doing here in the U.S., I think principally through the SEC as an institution, is that we’re elevating politics and power over sound policy. Doing 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 interacted with cryptos,” Alderoty said.
Previously, Alderoty had a criticat SEC for the enormous damage it caused investors with its case against Ripple. According to him, the legal dispute is really a “rug pull” on the part of the SEC against XRP investitori.
Court case rages on
Elsewhere, in its court case against the SEC, Ripple introduced a new argument claiming that the tokens couldn’t have been securities since nu au existat „contracte de investiții” implicate în emiterea acestora, ceea ce ar garanta drepturile investitorilor sau ar obliga emitentul să acționeze în interesul acestora, ca finbold raportate.
Ripple stands accused by the SEC over the issuance of the XRP cryptocurrency, Care regulator revendicările s-au întâmplat fără aprobarea sa, deoarece consideră că titlurile de valoare au jetoane, costând compania blockchain peste 100 de milioane de dolari în taxe legale, potrivit CEO-ului său Brad Garlinghouse.
În ciuda procesului, cel blockchain compania se alătură eforturilor pentru un viitor mai verde, împreună cu sute de alte afaceri, cu Ripple anunțare on September 20 that it had signed the Climate Pledge.
Între timp, XRP has gained 20% in the last week as $3 billion flowed into its market cap despite prolonged SEC lawsuit.
Featured image via Twitter POLITICO Live
Source: https://finbold.com/ripples-general-counsel-blasts-sec-chair-asking-who-appointed-him-crypto-cop/