As a seasoned crypto investor with over two decades of experience in the financial industry, I find the recent exchange between Ripple’s Chief Legal Officer, Stuart Alderoty, and the SEC intriguing. Having closely followed the evolution of digital assets and their regulatory landscape, it seems clear to me that the SEC’s handling of crypto-related matters has been less than transparent.
Stuart Alderoty, Ripple‘s top legal advisor, recently expressed praise on a popular social networking site towards Representative Ritchie Torres (D-NY) for advocating a supportive position on cryptocurrencies during a recent congressional meeting.
The congressman took issue with the SEC’s usage of the controversial term “crypto asset security.”
Daniel Gallagher, the legal head at Robinhood, stated that he’s unaware of any laws passed by Congress that utilize the specific term in discussion. In response to a query regarding whether or not the SEC came up with this term on their own, he replied, “I believe they developed it.
In response to this discussion, Alderoty alleges that the SEC is intentionally deceiving judges by using a specific term. However, as per Ripple’s primary legal advisor, they are now being held accountable for their actions.
On previous occasions, the Ripple CLO has made similar allegations against the SEC. Just last week, Alderoty cautioned the SEC about misleading judges with a falsified term.
It’s worth mentioning that the Securities and Exchange Commission (SEC) has admitted to causing confusion by using the phrase “crypto asset security” in their case against Binance. In their revised lawsuit against the exchange, they have acknowledged that this terminology led to misunderstanding.
The agency recently used the same term for its repost of a previously published crypto scam alert.
Alderoty, a frequent critic of the agency’s negative stance on cryptocurrencies, has expressed his view that the SEC is significantly trailing other international regulators. He questions if the United States will manage to keep pace with global advancements in this area.
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2024-09-19 23:53