Ripple CLO Calls On Kamala Harris To End SEC’s War On Crypto

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As a seasoned analyst with over two decades of experience navigating the complexities of the financial industry, I find myself intrigued by the recent developments between Ripple and the U.S. Securities and Exchange Commission (SEC). The call to action from Stuart Alderoty, Ripple’s Chief Legal Officer, to Vice President Kamala Harris is a testament to the urgency felt within the crypto community regarding the SEC’s regulatory approach.

In response to a recent court decision regarding their ongoing dispute with the U.S. Securities and Exchange Commission, Ripple‘s Chief Legal Officer, Stuart Alderoty, has urged Vice President Kamala Harris to bring an end to what he terms as the SEC’s misdirected campaign against cryptocurrency. This call to action emphasizes his belief that the current approach by the SEC is counterproductive and harmful to the growth of the crypto industry.

Ripple CLO’s Request To Kamala Harris

In a follow-up statement on social media platform X, Alderoty underscored the urgency of political action, given his positive outlook from a recent court decision. He specifically pointed towards Vice President Kamala Harris’ “crypto reset” proposal as a potential solution.

Alderoty emphasized that if the Admin genuinely intends a ‘reset,’ it should take immediate action to halt the Securities and Exchange Commission’s misguided crusade against cryptocurrencies. Furthermore, his comments highlight the sense of urgency within the crypto community regarding the SEC’s regulatory stance, which is widely perceived as unfriendly by many industry leaders.

Alderoty On Recent Ripple SEC Lawsuit Ruling

As someone who has been closely following the developments in the cryptocurrency world for several years now, I find myself quite intrigued by this week’s court ruling in the Ripple SEC lawsuit. Given my background in finance and technology, I have a keen interest in understanding the nuances of these cases. The court’s decision to fine Ripple $125 million for failing to register sales of its XRP token to institutional investors is certainly significant, especially considering that the original sum sought by the SEC was $2 billion.

He asserted, “Ripple didn’t behave irresponsibly… There were no individuals harmed; the parties involved in those transactions experienced zero financial losses whatsoever.” Moreover, Alderoty elaborated that the court’s ruling brought valuable clarity. It defined XRP as not being a security, which has been a key point of contention in the case.

“In this particular case, we aimed to establish that XRP isn’t inherently considered a security – much like a gold bar, which is never classified as one. This determination, made by Alderoty, could shape future crypto regulations. He mentioned that although the decision favored us, there might be an appeal from the SEC.”

Nonetheless, he conveyed optimism that the Ripple SEC legal battle may soon conclude. “From our perspective, we’ve reached the end… If the SEC acts reasonably… there should be no further appeal,” he stated. Moreover, he underscored that the blockchain payment company is dedicated to progressing and expanding its operations.

Harris Campaign & Crypto Industry

The evolving legal landscape of cryptocurrencies poses a complex situation for Vice President Kamala Harris’ campaign. Lately, representatives from Harris’ team attended a crypto discussion led by Democratic Congressman Ro Khanna. This gathering also featured key figures like Deputy Treasury Secretary Wally Adeyemo and Deputy White House Chief of Staff Bruce Reed.

During Kamala Harris’s meeting aimed at interacting with the crypto community, her senior advisor, Kristine Lucius, was present but remained silent throughout the discussion, as reported by those in attendance. For quite some time now, this community has been advocating for more transparent regulations and a shift in the government’s perspective towards the industry.

As an analyst, I’m observing that the ongoing Crypto4Harris town hall meeting underscores the campaign’s commitment to engaging with crypto enthusiasts. Yet, influential figures within the industry such as Brad Garlinghouse, CEO of Ripple, and Stuart Alderoty, its Chief Legal Officer, are urgently calling for Harris to take swift and decisive action regarding cryptocurrency matters.

A group of notable figures in the crypto sector, including Tyler Winklevoss (co-founder of Gemini) and Balaji Srinivasan (former Coinbase executive), have voiced their support for replacing Gary Gensler as SEC Chair, as they see him as a hindrance to the industry’s expansion. Simultaneously, Charles Hoskinson, founder of Cardano, has continued to voice his disapproval towards Kamala Harris.

Positive Outlook

In spite of the continuous tension between the crypto sector and the Securities and Exchange Commission, there are still those who maintain a positive outlook towards the future. Notably, Anthony Scaramucci, a prominent figure in finance, has voiced optimism that Kamala Harris may garner backing within the cryptocurrency community soon.

It’s reassuring that these top-tier representatives made an effort to attend and hear our sector’s concerns. While my peers in the cryptocurrency world are eager for immediate action, that isn’t how things typically unfold in Washington, as Scaramucci explained in a FOX Business report.

As a researcher, I’d like to add that Paul Grewal, Coinbase’s Chief Legal Officer, expressed optimism about the Harris campaign. He highlighted the potential of this campaign to redefine the government’s stance on cryptocurrency. In his words, “She could be an exceptional figure to bring a fresh perspective to crypto and break away from past norms.”

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2024-08-10 10:54