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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 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 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 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 Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation.<\/p>\n<\/blockquote>\nRipple\u2019s Counsel Calls for \u2018Sensible\u2019 Crypto Regulation<\/h2>\n
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