Ripple counsel says SEC is bankrupting crypto innovation ByAli RazaPRO INVESTOR Updated: 15 June 2022 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage The Ripple general counsel, Stu Alderoty, has spoken out against the US Securities and Exchange Commission (SEC). The executive said that the SEC was acting against the cryptocurrency market with the false claims that it was enhancing regulations. Ripple attacks SEC over crypto regulations Alderoty shared his opinion about the cryptocurrency market on Monday, discussing the ongoing lawsuit between the company and the SEC. He said that the lawsuit was an attempt by the SEC to thwart the efforts made by the cryptocurrency sector. “By bringing enforcement actions-or threats of potential enforcement-the SEC intends to bully, bulldoze, and bankrupt crypto innovation in the US, all in the name of impermissibly expanding its own jurisdictional limits,” the announcement said. Buy Ripple Now Your capital is at risk. The executive also said that the SEC was arguing that every cryptocurrency was a security, which was interfering with the success of the cryptocurrency industry. Ripple Labs was sued by the SEC in December 2020, and the lawsuit has been ongoing since then. The lawsuit alleges that Ripple’s executives were involved in an unregistered securities sale. According to the lawsuit, XRP, the native token for the Ripple network, is a security, and Ripple had raised funds through an unregistered securities offering. Ripple argues XRP is a security Amid this lawsuit, Ripple and its executives have argued that XRP is a security. The company’s legal team has referred to past statements by SEC Commissioners such as William Hinman that say that XRP is a commodity or a virtual currency. Alderoty has also said that the SEC actions have soiled the crypto regulatory framework. “Here in the US, the Securities and Exchange Commission (SEC) has deliberately muddied the regulatory waters for crypto […] To unlock crypto’s true potential, we need to finally clean up this regulatory sludge.” US Senators Kirsten Gillibrand and Cynthia Lummis recently tabled a bill on crypto regulations in the US. Some provisions on the bill said that most cryptocurrencies would be classified as securities because they passed the Howey test. The senators argued that only Bitcoin and Ether could be classified as commodities. The chair of the Commodity Futures Trading Commission, Rostin Chair, has also previously argued that while many cryptocurrencies could be ranked as securities, some could be classified as commodities, including Bitcoin and Ether. The court case between Ripple and the SEC could set a precedent for how crypto is regulated in the US. Read more: How to buy Cryptocurrencies How to buy Ripple Lucky Block - Our Recommended Crypto of 2022 Our Rating New Crypto Games Platform Featured in Forbes, Nasdaq.com, Yahoo Finance LBLOCK Token Up 1000%+ From Presale Listed on Pancakeswap, LBank Free Tickets to Jackpot Prize Draws for Holders Passive Income Rewards - Play to Earn Utility 10,000 NFTs Minted in 2022 - Now on NFTLaunchpad.com $1 Million NFT Jackpot in May 2022 Worldwide Decentralized Competitions Visit Site Join Our Telegram channel to stay up to date on breaking news coverage