Source: The Coin Republic
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has recently ramped up his attack on the US Securities and Exchange Commission (SEC). Alderoty said that the SEC’s approach to describing cryptocurrency products as ‘crypto asset security’ is deceptive and has no legal basis.
This allegation was made when the SEC employed this term in a legal context. SEC sought to classify numerous crypto assets as securities.
As Alderoty notes, the term “crypto asset security” does not have a legal definition. This means that the SEC is using it to bend the law to its will. However, he argues that this term may confuse judges and cause them to give prejudiced legal verdicts.
The SEC’s position on crypto asset regulation is essential for the entire crypto space as it may influence the creation of new crypto technologies. Ripple and similar companies will likely encounter more regulatory issues and challenges hindering innovation.
Read full article: https://www.thecoinrepublic.com/2024/09/03/ripple-clo-accuses-sec-of-misleading-judges-in-legal-battle/
