Advertisement
AD

Main navigation

Ripple General Counsel Calls SEC's Tactics "Bullying"

Advertisement
Thu, 28/07/2022 - 10:02
Ripple General Counsel Calls SEC's Tactics "Bullying"
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Ripple General Counsel Stuart Alderoty has slammed the SEC's approach as "bullying" while highlighting the urgent need for "sensible" crypto regulation from the U.S.

Advertisement

In his latest op-ed, Alderoty referred back to Rep. Sherman's "off-base" remarks during an oversight hearing focused on the Securities and Exchange Commission's (SEC) enforcement division held last week by the House Financial Services Subcommittee.

He writes: "Despite the norm that ongoing enforcement cases are not discussed at these hearings, Subcommittee Chairman Representative Brad Sherman  took it upon himself to put his thumb on the scale of the largest enforcement case in crypto: SEC vs. Ripple."

Advertisement

Alderoty continues: "Rep. Sherman's behavior highlights the pernicious effect of regulation by enforcement." Rather than provide regulatory clarity through rulemaking, the SEC seeks to bully the market by filing, or threatening to file, enforcement cases. Unproven allegations masquerading as regulation is bad policy that hurts consumers and markets who are whipsawed by the whims of an unchecked regulator."

He says there is an urgent need for Congress to fix the "mess" and provide a comprehensive legislative framework for crypto. The Ripple General counsel noted that the two bipartisan proposals, the Digital Commodity Exchange Act and the Responsible Financial Innovation Act that aim to create a distinction between securities and commodities in the cryptocurrency industry, are a good start.

Ripple CEO Brad Garlinghouse also commented in support of general counsel Alderoty's observations.

Another call for regulatory clarity

Ripple General Counsel Stuart Alderoty also commended former Rep. Todd Tiahrt's call on Congress to fix the "mess" caused by the absence of regulatory clarity. Todd Tiahrt wrote: "The SEC has manipulated the absence of regulatory clarity of blockchain technology to justify going beyond its authority."

Tiahrt continued, "The SEC's biggest crypto lawsuit to date, for example, is the non-fraud lawsuit filed in December 2020 against Ripple Labs, noting that it turned out to be a miscalculation by the SEC" given Ripple’s size and the soundness of its legal team."

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD