Ripple Lawyer Responds to SEC Chairman’s Cryptocurrency Letter!

Cryptocurrency company Ripple The war between the Securities and Exchange Commission (SEC) and the Securities and Exchange Commission (SEC) has moved into new territory.

Earlier last week, SEC Chairman Gary Gensler wrote an article for the Wall Street Journal promoting his handling of crypto regulation during his tenure on the commission.

While many in the crypto industry lamented the SEC chairman’s understanding of “regulation by enforcement”, Gensler argued that he simply enforced the securities laws in an impartial manner.

Gensler made a comparison on the subject in his article and used the following expressions:

“Whether a car runs on gas or electricity, drivers and passengers deserve protection. There is no reason to treat the crypto market any differently from the rest of the capital markets just because it uses a different technology.”

Ripple Lawyer’s Answer Published in the Wall Street Journal

On August 28, the Wall Street Journal published a letter from Stu Alderoty, Ripple’s general counsel, in response to Gensler’s opinion.

Objecting to Gensler’s basic metaphor, Alderoty wrote:

“Mr Gensler writes that whether a car runs on gas or electricity, you still need a seat belt. Nobody has any objection to that.

But electric cars don’t need gasoline, and in the president’s analogy, gasoline is what the SEC is selling. Mr Gensler wants to punish anyone who doesn’t buy gas.”

As it is known, one of the biggest lawsuits the SEC has managed against a crypto company is the lawsuit with Ripple.

The lawsuit is based on the relationship between Ripple and the XRP token, which the SEC calls a security.

*Not investment advice.