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Tuesday, September 27, 2022

Ripple Counsel Has Slammed Efforts Of SEC To Bulldoze Cryptocurrency

Stu Alderoty, the general counsel for Ripple, has gone on to slam the United States Securities and Exchange Commission for attempting to bulldoze, bully, and bankrupt the innovation of cryptocurrency in the country. He stated that by introducing enforcement actions, the SEC had every intention of bullying and bankrupting most of the innovations of cryptocurrency in the country- which would all be done in the name of expanding one’s own jurisdictional limits.

Alderoty went on to share these views on Monday amidst a lawsuit that was taking place between the company and the SEC- which he considers to be a part of the assault of the SEC on all forms of crypto in the country. 

Ripple’s Ongoing Strife With The SEC

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For quite some time now, Ripple Labs has been immersed in a legal battle with the SEC ever since the securities regulator filed a lawsuit that alleged that the executives of the company had used the tokens of the crypto company in order to raise funds for the installation and establishment of the company back in 2013- which it claimed was unregistered security at that exact point. 

Ripple did fight back on these claims, as they mentioned a 2018 speech which was delivered by Robert Hinman, then- Director of Corporation Finance for the SEC, who had named Ether and Bitcoin and by association XRP as a non-security as it was sufficiently decentralized. 

Ripple went on to argue that this speech was in direct contradiction with the claims of the SEC against the XRP token, but the SEC went on to counter the argument by stating that the speech was the personal views of the director, and definitely not the official view of the regulator. 

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