Ripple Vs SEC Case Can Become A Momentum For Clearness Of Crypto Rules

Ripple vs SEC case, getting hotter. (Photo; Doc. Bitcoin Exchange Guide)

JAKARTA In waiting for the end of Ripple vs SEC's feud on the court, Stuart Alderoty as Ripple's general adviser recently made a statement regarding the case. According to him, the Ripple vs SEC case could be a momentum for regulatory clarity in the cryptocurrency industry.

In the protracted case, Stuart Alderoty stated that Ripple had spent more than 100 million US dollars on legal costs for its defense of a lawsuit filed by the US Securities and Exchange Commission (SEC). The feud has been going on since late 2020 until 2022.

Alderoty emphasized that this is a good opportunity for clarity regarding cryptocurrencies as digital assets in the US. He assessed the need for "the need for greater regulatory clarity," said Alderoty October 6, 2022.

Furthermore, the Ripple general adviser argued that SEC chairman Gary Gensler had taken aggressive steps instead of collaborating with other regulations. According to him, the SEC has harmed consumers, especially XRP investors, instead of protecting them.

As is well known, the SEC has included XRP in the securities category. Regulators also accused Ripple of selling unregistered securities. While Ethereum was put into non-securities based on the SEC official's speech in 2018, William Hinman. Until now Gensler believes that most cryptocurrencies are securities.

"The law is clear about this. I believe based on the facts and circumstances most of these tokens are securities," said SEC Chairman Gary Gensler, quoted from Squawk Box, October 3, 2022.

Reported by U.Today, Stuart Alderoty, criticized the SEC chairman after incorrectly stating that the Supreme Court's test was set to determine whether the token was an unregistered securities or not. In the latest update, Ripple responded to efforts by the US Securities and Exchange Commission to prevent two companies from filing an amicus brief in this case.

The SEC asked the Analysia District Judge Torres to reject TapJets Inc. and I-Remit Inc.'s request for a brief briefing to support Ripple. by the end of September, Justice Analysis Torres had ordered the SEC to submit documents related to the speech of former SEC official William Hinman, who stated that Ethereum was not a security.

The document is the root cause of the Ripple vs SEC case. Because the SEC included XRP in the securities category and accused Ripple and its officials of selling unregistered securities in December 2020.