In a pointed criticism of the U.S. Securities and Exchange Commission (SEC), Ripple's General Counsel, Stuart Alderoty, has accused the regulator of treating the judicial process as a "weapon" and likened the regulator's attitude to Congressional oversight to a game of "hide and seek."
Alderoty, who made the comments in a tweet earlier this Friday, stressed that the issue was not exclusive to the cryptocurrency industry but represented a broader "We The People" problem.
The lawyer's remarks come on the back of an ongoing legal feud between Ripple, the company associated with the XRP cryptocurrency, and the SEC.
The regulatory body has leveled an accusation against Ripple, proclaiming the firm's XRP sale as an unregistered securities transaction. It insists that Ripple's distribution of XRP in essence mirrors a securities offering. In contrast, Ripple remains unyielding in its defense, vehemently asserting that XRP is a digital currency, bereft of the characteristics that would define it as a security.
Alex DovbnyaThis legal battle, under the microscopic scrutiny of the crypto industry, has underscored the urgency for regulatory precision in the fast-paced, continually evolving landscape of digital assets.
It is expected that the case will be resolved in the first part of this year.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov