- Ripple CLO asks the government to end the “misguided war on crypto.”
- Alderoty called on Kamala Harris to address the relationship between crypto and regulators.
- The CLO expressed optimism over the court’s recent judgment on the Ripple-SEC case.
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has urged the U.S. government to cease its ongoing “misguided war on crypto.” Alderoty referenced Vice President Kamala Harris’ recently proposed “crypto reset,” calling on her to intervene immediately and address the hostile relationship between the crypto industry and regulators.
Meanwhile, Ripple’s lawyer expressed optimism over the recent judgment in the case between his firm and the SEC, where the court ordered Ripple to pay a $125 million fine. According to the judgment, the court punished Ripple for failing to register its XRP token sales to institutional investors.
For context, Alderoty and other Ripple stakeholders consider the judgment a victory because the fine was far less than the SEC proposed. The commission has asked the court to fine Ripple $2 billion for the violation. According to Alderoty, the lawsuit ruling is a victory for the entire crypto industry, not only for Ripple.
The Ripple CLO further explained that the firm did not act recklessly, insisting there were no victims and the counterparties of the transactions suffered no financial loss. However, he noted that the court’s decision provided much-needed clarity by establishing that XRP is not in itself a security. He said:
“The core clarity that we sought, in this case, is that XRP is not in, and of itself, a security… just like a bar of gold is never a security.”
Alderoty believes the ruling has set a legal precedent that would set the pace for crypto regulations while not discarding the possibility of an appeal by the SEC. Nonetheless, he is confident the protracted litigation between Ripple and the SEC is nearing its conclusion, noting that the SEC would not appeal the judgment if they choose to be rational.
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