• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Wednesday, August 10, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

Ripple’s counsel accuses SEC of trying to bully and bankrupt crypto innovation

June 14, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

Curve Finance Comprimised — Here’s What We Know So Far

August 9, 2022

This Bitcoin Indicator Points Massive Bull Run

August 9, 2022

Source: Mark Van Scyoc – Shutterstock

  • Stu Alderoty claims that SEC is deliberately making its case against Ripple unclear to maintain its anti-crypto stance.
  • Some US senators and the CFTC disagree over categorizing cryptos as securities.

One of Ripple’s lead counsels, Stu Alderoty, has made wild claims against the US securities and exchange commission (SEC). Alderoty argues that the SEC’s claims of expanding its regulatory territory are a false stance.

Instead, their main goal is to ‘bully, bankrupt, and bulldoze’ crypto innovation across the country. “By enforcing or issuing threats against crypto firms, the SEC is only stifling crypto development in our country. However, they are hiding under the guise of expanding their regulatory territory.”

The Ripple counsel made his views known on Monday as the case between his clients (Ripple), and the US regulator continues. Alderoty further claims that the SEC’s case against Ripple is also one way it suppresses crypto innovation.

Hence, it is the reason the regulator is claiming that all cryptos are securities. “The SEC is like a hammer that wants every other thing to be a nail. Thus, it deliberately makes things unclear to keep the argument that cryptos are securities.”

Ripple’s unending battle with the SEC

Ripple Labs and the SEC have been engaged in an unending legal case over the past one and a half years. The US regulator took Ripple executives to court, claiming their 2013 fundraising was illegal. According to the SEC, the XRP tokens Ripple executives were selling at that time were unregistered securities.

However, Ripple has made counterclaims citing a 2018 Robert Hinman speech to support their claims. Hinman was SEC’s director of corporate finance at that time. In that 2018 speech, he said, “BTC, ETH and by extension (XRP) are sufficiently decentralized. Hence, they can be classified as non-securities.”

Ripple used this speech to defend its 2013 XRP token sales. However, the SEC claimed that Hinman’s speech was his personal view. Hence, he couldn’t have been speaking on behalf of the regulator.

This difference in interpretation has been one of the most controversial aspects of this case. It is no wonder Alderoty tweeted on Monday that the classification of digital assets is unclear as there is confusion surrounding crypto regulation.

4 years since the (in)famous Hinman speech, and we’re nowhere closer on knowing how to classify digital assets in the US – keeping every crypto, including ETH, in regulatory limbo. I penned some thoughts for @Fortune why enough is enough, @SECGov. https://t.co/FB16cceaia

— Stuart Alderoty (@s_alderoty) June 13, 2022

The Ripple counsel claims that no crypto player could have interpreted Hinman’s speech as his personal opinion. He further said, the conclusion Ripple could draw from Hinman’s speech was that XRP is not a security. Rather, it is a commodity or virtual currency. It exists on an “open, permissionless, decentralized blockchain ledger.”

Alderorty added that the speech is one way the SEC is trying to create confusion over crypto regulation in the US. According to him, crypto must have regulatory clarity before it can achieve its true potential.

Some US senators and the CFTC disagree over the classification of cryptos

Senator Kirsten Gillibrand argued that the Howey test shows that all cryptos (apart from BTC and ETH) should be classified as securities. Gillibrand made his opinions known at a Washington Post event last Wednesday. However, commodity futures trading commission (CFTC) chair, Rostin Behnam, argued otherwise.

He said several coins could be considered security coins. However, there are also commodity coins like BTC and ETH. It is these commodity coins that the CFTC wants to regulate. Many analysts predict that the Ripple-SEC lawsuit will set the tone for how US regulators and securities laws treat cryptos.

 


Credit: Source link

ShareTweetSendPinShare
Previous Post

There’s a plan to regulate crypto and stablecoins. Here’s what you need to know : NPR

Next Post

Bitcoin Enters the Deepest Phase of the Current Bear Cycle as Price Slips to an 18-Month Low

Related Posts

Curve Finance Comprimised — Here’s What We Know So Far

August 9, 2022

Yet another DeFi protocol Curve Finance has fallen victim to a black hat. Curve frontend apparently compromised — pls be...

This Bitcoin Indicator Points Massive Bull Run

August 9, 2022

A well-known crypto analyst and trader puts forth his analysis saying that Bitcoin’s price action is depicting the same pattern...

3 Cryptos To Buy During The Dip Season: Dogeliens, Cardano, And Synthetix

August 9, 2022

Blockchain-based assets like cryptocurrencies have paved the way for seismic shifts in the investment and financial services sector globally. As...

Bitcoin realized price bands form key resistance as bulls lose $24K

August 9, 2022

Covered: BTC Price Bands Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. BTC/USD...

Cardano Fails to Make a Breakout; Will ADA Sustain Consolidation

August 9, 2022

Cardano blockchain remains under consolidation despite outperforming its competitors. Buyers losing strength near $0.55 creates a scenario for dumping ADA...

Load More
Next Post

Bitcoin Enters the Deepest Phase of the Current Bear Cycle as Price Slips to an 18-Month Low

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

The market is ripe with signs of capitulation, but Bitcoin is holding its ground

August 8, 2022

Erik Voorhees urges MakerDAO community to exit USDC positions after Tornado Cash sanctions

August 9, 2022

Arthur Hayes predicts Ethereum will reach $5K after merge if Fed pivots

August 5, 2022

South Korean VC Firm Hashed Lost Up to $3.6B to LUNA Crash: CEO

August 4, 2022

3 Cryptos To Buy During The Dip Season: Dogeliens, Cardano, And Synthetix

August 9, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • Iran Places First Official Import Order With Cryptocurrency Worth $10 Million – Regulation Bitcoin News
  • Cleanspark Acquires Plug-in-Ready Bitcoin Mining Facility With up to 86 MW of Capacity – Mining Bitcoin News
  • What The Impending “Triple Halvening” Means For The Future Of Ethereum

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$22,844.00-4.31%
  • ethereumEthereum(ETH)$1,670.84-6.01%
  • tetherTether(USDT)$1.00-0.04%
  • usd-coinUSD Coin(USDC)$1.00-0.13%
  • binancecoinBNB(BNB)$315.48-2.93%
  • Binance USDBinance USD(BUSD)$1.00-0.14%
  • rippleXRP(XRP)$0.360800-4.61%
  • cardanoCardano(ADA)$0.51-4.94%
  • SolanaSolana(SOL)$39.30-7.54%
  • polkadotPolkadot(DOT)$8.65-6.20%
  • dogecoinDogecoin(DOGE)$0.068158-3.82%
  • AvalancheAvalanche(AVAX)$27.64-1.71%
  • daiDai(DAI)$1.00-0.10%
  • Lido Staked EtherLido Staked Ether(STETH)$1,612.88-6.19%
  • matic-networkPolygon(MATIC)$0.88-5.41%
  • tronTRON(TRX)$0.068437-2.83%
  • Shiba InuShiba Inu(SHIB)$0.000011-11.52%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,878.00-4.16%
  • ethereum-classicEthereum Classic(ETC)$36.92-2.73%
  • leo-tokenLEO Token(LEO)$5.014.51%
  • OKBOKB(OKB)$17.92-2.48%
  • litecoinLitecoin(LTC)$58.35-6.85%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.30-3.19%
  • chainlinkChainlink(LINK)$8.44-3.12%
  • FTXFTX(FTT)$29.27-7.08%
  • UniswapUniswap(UNI)$8.31-5.83%
  • CronosCronos(CRO)$0.143944-5.22%
  • cosmosCosmos Hub(ATOM)$10.77-9.41%
  • stellarStellar(XLM)$0.120427-4.56%
  • FlowFlow(FLOW)$2.91-5.43%
  • moneroMonero(XMR)$158.09-6.55%
  • bitcoin-cashBitcoin Cash(BCH)$132.18-8.41%
  • algorandAlgorand(ALGO)$0.341103-16.38%
  • vechainVeChain(VET)$0.029609-6.60%
  • ApeCoinApeCoin(APE)$6.83-7.71%
  • filecoinFilecoin(FIL)$7.92-9.39%
  • Internet ComputerInternet Computer(ICP)$7.71-7.35%
  • ChainChain(XCN)$0.0896542.41%
  • decentralandDecentraland(MANA)$1.01-7.95%
  • HederaHedera(HBAR)$0.073919-7.68%
  • The SandboxThe Sandbox(SAND)$1.27-7.13%
  • QuantQuant(QNT)$120.41-6.80%
  • tezosTezos(XTZ)$1.77-7.17%
  • Axie InfinityAxie Infinity(AXS)$17.33-7.09%
  • theta-tokenTheta Network(THETA)$1.50-8.06%
  • ElrondElrond(EGLD)$61.07-9.11%
  • FraxFrax(FRAX)$0.98-2.42%
  • AaveAave(AAVE)$96.83-6.02%
  • true-usdTrueUSD(TUSD)$1.00-0.07%
  • Lido DAOLido DAO(LDO)$2.21-5.31%