Summary:
- Ripple’s General Counsel, Stuart Alderoty, has stated the Securities and Exchange Commission is bullying the crypto markets by filing unproven allegations masquerading as regulation.
- According to Mr. Alderoty, there is an urgent need for sensible crypto legislation from Washington, DC.
Ripple’s Chief lawyer, Stuart Alderoty, has pointed out that the US Securities and Exchange Commission is bullying the crypto markets through its recent court filings, which are masqueraded as regulation.
Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation. In my latest op-ed, I outline the urgent need for sensible crypto legislation from Washington. https://t.co/BiY5rkCdEM
— Stuart Alderoty (@s_alderoty) July 27, 2022
The SEC is Bullying the Markets by Filing, or Threatening to File, Enforcement Cases.
According to Mr. Alderoty, the SEC is not providing regulatory clarity through rulemaking. The regulatory body opts to ‘bully the market by filing, or threatening to file, enforcement cases.’ He added that such court cases could ruin the crypto industry and hurt the United States’ position as the global leader in innovation. He said:
Unproven allegations masquerading as regulation is bad policy that hurts consumers and markets who are whipsawed by the whims of an unchecked regulator. As a result, American innovation — and the jobs created — are fleeing the U.S.
He cites the ongoing SEC lawsuit against Ripple as an example. Concerning this case, he explained that last year, a Judge clarified that ‘XRP is no more a security after the SEC filed the enforcement action than it was before it.’
There is an Urgent Need for Clear Crypto Regulation from Washington, DC.
In his concluding remarks, Mr. Alderoty called upon lawmakers in Washington, DC, to lead the charge in accelerating regulatory clarity in the United States. He added:
This is all precisely why Congress needs to fix this mess and provide a comprehensive legislative framework for crypto.
Two bipartisan proposals (the Digital Commodity Exchange Act and the Responsible Financial Innovation Act) that seek to define the line between securities and commodities in the digital asset space are a good start.
The Wall Street Journal said it best last week when it urged Congress to “exercise its oversight authority over the SEC by demanding that Mr. Gensler halt his high-speed regulatory attack.”
The SEC has Now Set its Eyes on Coinbase.
Earlier this week, the regulatory body shifted focus to Coinbase after one of its employees was charged with insider trading and wire fraud. According to the SEC, the crypto exchange listed nine digital assets that fit the description of securities.
Coinbase has refuted that it has ever listed securities and stated that the SEC oversees all its listings.
However, the pending legal clash between the SEC and Coinbase could increase fear in a volatile crypto market. This scenario was explored by the Bloomberg team, who concluded that the SEC was increasingly becoming aggressive in its enforcement methods.
[Feature image courtesy of Shutterstock.com]
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