Ripple (XRP) General Counsel: “The Future of Cryptocurrencies Depends On It!”

Speaking on a podcast he joined today Ripple (XRP) According to general counsel Stuart Alderoty, XRP’s defense against the SEC lawsuit is, cryptocurrencies It may be the best chance for legal clarification.

Ripple General Counsel Says Legal Future of Cryptocurrencies Depends on Defense Made in XRP Case

Ripple has so far incurred more than $100 million in legal costs in its defense against the ongoing lawsuit filed by the SEC.

Alderoty has often said that the SEC has gone too far, noting that SEC Chairman Gary Gensler has taken an aggressive regulatory stance rather than collaborating with other regulators.

Alderoty also stated that the regulator wants to leave consumers “hands-free” rather than protecting them.

Gensler, who was confirmed as the new head of the SEC in April, frequently states that he believes the vast majority of cryptocurrencies are securities.

The SEC chairman recently echoed this view on CNBC’s Squawk Box, saying:

“The law is clear on this. Based on the facts and circumstances, I believe most of these tokens are securities.

When a group of entrepreneurs raise money from the public and expect a profit, they have to explain it.”

Stuart Alderoty, the company’s general counsel, was critical of Gensler’s misrepresentation that the Supreme Court test was used to determine whether an asset is a security.

In recent developments in the lawsuit, Ripple has responded to attempts by the U.S. Securities and Exchange Commission (SEC) to block the two firms from submitting amicus summary in the lawsuit. SEC, from District Judge Analisa Torres to TapJets Inc. and I-Remit Inc. had asked its firms to decline requests to submit abstracts in support of Ripple.

*Not investment advice.

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