{"id":13410,"date":"2022-07-30T03:24:02","date_gmt":"2022-07-30T03:24:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ripples-counsel-urges-us-lawmakers-to-urgently-pass-sensible-crypto-legislation-amid-sec-lawsuit-over-xrp-regulation-bitcoin-news\/"},"modified":"2022-07-30T03:24:02","modified_gmt":"2022-07-30T03:24:02","slug":"ripples-counsel-urges-us-lawmakers-to-urgently-pass-sensible-crypto-legislation-amid-sec-lawsuit-over-xrp-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ripples-counsel-urges-us-lawmakers-to-urgently-pass-sensible-crypto-legislation-amid-sec-lawsuit-over-xrp-regulation-bitcoin-news\/","title":{"rendered":"Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid SEC Lawsuit Over XRP \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ripple\u2019s general counsel has urged U.S. lawmakers to pass \u201csensible crypto legislation\u201d amid a Securities and Exchange Commission (SEC) lawsuit over the sale of xrp. \u201cRather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation,\u201d he opined. <\/strong><\/p>\n

Ripple\u2019s Counsel Calls for \u2018Sensible\u2019 Crypto Regulation<\/h2>\n

Stuart Alderoty, general counsel for Ripple, stressed the importance of sensible cryptocurrency legislation in an opinion piece published Wednesday.<\/p>\n

Referencing a House Financial Services Subcommittee hearing on Investor Protection where Congressman Brad Sherman (D-CA) pushed the SEC to go after major cryptocurrency exchanges<\/a> that traded XRP<\/a>, Alderoty emphasized:<\/p>\n

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Sherman\u2019s off-base remarks underscore the urgent need for sensible crypto legislation from Washington.<\/p>\n<\/blockquote>\n

The SEC sued Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that the XRP<\/a> sale was an unregistered securities offering. Ripple disagreed with the SEC and has since been fighting a legal battle with the securities regulator. Recently, Garlinghouse discussed<\/a> possible outcomes of the lawsuit.<\/p>\n

Alderoty quoted Rep. Sherman stating that \u201cthe fact remains\u201d that \u201cXRP<\/a> \u2026 clearly is a security.\u201d However, the Ripple counsel argued that \u201cthe real fact\u201d is:<\/p>\n

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The filing of a lawsuit determines nothing.<\/p>\n<\/blockquote>\n

Noting that the lawmaker is a Harvard-trained lawyer, Alderoty alleged: \u201cHe knows that the SEC can\u2019t determine XRP<\/a> to be a security. He knows that no country in the world has determined XRP<\/a> to be a security. He knows the issue needs to be decided in the court.\u201d Whether XRP<\/a> is a security or not has yet to be determined, the Ripple counsel explained, adding that \u201cwhen it is made, it will be made by the court.\u201d<\/p>\n

Alderoty has been criticizing the SEC for its approach to regulating the crypto industry, particularly how the securities watchdog handles the lawsuit against Ripple and its executives over the sale of XRP<\/a>.<\/p>\n

He tweeted Wednesday:<\/p>\n

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Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation.<\/p>\n<\/blockquote>\n

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Brad Sherman<\/a>, Congress<\/a>, Cryptocurrency regulation<\/a>, Ripple<\/a>, Ripple lawyer<\/a>, Ripple US crypto regulation<\/a>, Ripple US lawmakers<\/a>, Stu Alderoty<\/a>, Stuart Alderoty<\/a>, XRP crypto legislation<\/a>, XRP crypto regulation<\/a><\/div>\n<\/div>\n

Do you think the U.S. congress will pass sensible crypto legislation that will help Ripple\u2019s case? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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