As a seasoned researcher with years of experience navigating the complex world of financial regulations and digital assets, I find myself deeply intrigued by the ongoing saga between Ripple, the SEC, and the ever-evolving definition of “crypto asset securities.” Stuart Alderoty’s recent statements echo my own sentiments about the SEC’s use of this term.
In a recent social media post, Stuart Alderoty, Ripple‘s lead attorney, criticized the Securities and Exchange Commission’s (SEC) debatable use of the term “crypto asset security.”
Alderoty argues that this is a fabricated term without any legal basis.
“The SEC needs to stop trying to deceive judges by using it,” he stressed.
As a crypto investor, I’ve taken note of Alex Thorn, head of research at Galaxy Digital, reaffirming their stance that USD-backed stablecoins might be classified as “crypto asset securities.” This is something they could declare again.
After ceasing legal action against the stablecoin company Paxos, a situation of disagreement between Paxos and the SEC had arisen regarding the BUSD tokens that were collaboratively produced with Binance.
Thorn strongly criticized the SEC, referring to their latest actions as an “extreme example of exceeding authority.”
As a crypto investor, I find myself saying that the Securities and Exchange Commission (SEC) seems to be grasping at straws in this situation. They appear unwilling to relinquish their stance, almost as if they feel compelled to maintain a certain level of control. It’s like they’re keeping a sharp sword ready, just in case they need it again.
In December, Judge Jed Rakoff determined that Terra’s UST stablecoin qualified as an unregistered security, marking a major victory for the Securities and Exchange Commission (SEC). Nevertheless, it is important to note that this ruling pertained exclusively to algorithmic stablecoins, according to Thorn.
According to U.Today, Ripple’s self-created stablecoin, named RLUSD, has moved into its beta testing stage. This eagerly awaited initiative is slated for launch on both the XRP Ledger and Ethereum network later in 2022.
Expanding into the stablecoin sector may draw increased attention from regulators, given that Ripple’s dollar-backed digital currency has been identified by the SEC as an “unregistered cryptocurrency” in their court documents.
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2024-09-02 23:36