Crypto market being threatened by SEC, says Ripple’s lawyer.
Stuart Alderoty, who is one of Ripple’s general counsels, has been vocal about his views on the SEC’s handling of its case against Ripple’s XRP.
The SEC Vs Ripple case has been of keen interest to the crypto community as well as XRP investors who were expecting a resolution to the case.
Although an agreement over the summary judgment seems to have come about, the date for the judgment itself is set for December 20th, 2022.
Stuart Alderoty took to Twitter when the new date for the summary judgment got announced, to say that US citizens were the victims of “a rug pull by the SEC”.
More recently, in an article that he wrote for Fortune dated 13th June 2022, he stressed the need for a comprehensive cryptocurrency regulatory framework.
In the article, Alderoty summarizes the case details and his opinion of the proceedings. He describes how SEC’s William Hinman’s speech led to Ripple’s conclusion that XRP was “decentralized” and therefore, not a securities contract.
SEC, on the other hand, maintains that Hinman’s opinion is not guidance from the commission.
He stated that the Securities and Exchange Commission has deliberately “muddied the regulatory water for crypto”.
He also went on to say that through enforcement actions or threats of potential enforcement, the SEC “intends to bully and bankrupt crypto innovation in the U.S.”.
The case hinges on the nuance of the SEC’s stance that XRP sale constitutes unregistered securities, which might set a new precedent for altcoins.