Ripple lawyer urges US lawmakers to pass 'sensible' crypto legislation amid SEC
Categories: Crypto News US

Ripplelawyer urges US lawmakers to pass 'sensible' crypto legislation amid SEC
Lawsuit on XRP Ripples The general counsel has urged USlawmakers to pass sensible crypto legislation amid a Securities and ExchangeCommission (SEC) lawsuit over the sale of XRP. Instead of providing regulatoryclarity through rule-making, the SEC is threatening the cryptomarkets by filing unsubstantiated allegations as regulation, he said.
The SEC sued Ripple Labs, CEO Brad Garlinghouse, andco-founder Chris Larsen in December 2020, alleging that the XRP sale was anunregistered securities offering. Ripple disagrees with the SEC and has sincebeen fighting a legal battle with the securities regulator. Recently, Garlinghousediscussed the possible consequences of the lawsuit. Noting that the legislatoris a Harvard-trained lawyer, Aldrotti alleged: "He is aware that the SECcannot determine XRP for security.
He knows that no country in the world has earmarked XRP as a security. Heknows this issue needs to be decided in court." Whether XRP is a securityhas yet to be determined, with Ripple's lawyer explaining, "When it iscreated, it will be created by the court. "
Alderotti has been critical of the SEC for its approach toregulating the cryptocurrency industry, specifically how the securitieswatchdog handled the lawsuit against Ripple and its executives over the sale ofXRP.