POLITICO Live interview on September 20, where he focused on the excesses of SEC Chairman Gary Gensler in this area.
According to Gensler, bitcoin (BTC) is the only cryptocurrency that is not subject to SEC regulation. Therefore, all crypto assets other than BTC are securities and should be regulated by the agency.
In response to the comments, Alderoty said he is not aware of any crypto election that led to Gensler being appointed as a crypto cop on the beat.
“Well, I don’t remember anyone holding an election for the Crypto Patrol Cop. I don’t recall Congress appointing Gary Gensler as the Crypto Patrol Cop. Alderoty said, “You [Gensler] cannot self-appoint as the Crypto Patrol Cop. »
The Crypto Industry Is Hampered by Unclear Regulation
Comparing the United States to other developed economic hubs such as Singapore, the United Kingdom or Dubai, Alderoty noted that the crypto sector in the United States has been plagued by regulatory ambiguity for years.
As Ripple’s Chief Legal Officer pointed out, the US has prioritized politics and power over strong regulation through the SEC, which has been detrimental to startups, small businesses and retail investors.
“What we do here in the United States, I think primarily through the SEC as an institution, is we elevate politics and power above sound politics. By doing this, we are not only hurting innovation, innovators and entrepreneurs like Ripple, we are also hurting the holders of these assets, as one in five Americans owns or has used cryptocurrencies,” Alderoty said.
Previously, Alderoty criticized the SEC for the enormous damage it caused investors with its lawsuit against Ripple. According to him, the legal dispute is actually an “all-in” by the SEC against XRP investors.
The court case rages on
Furthermore, in its lawsuit against the SEC, Ripple introduced a new argument that the tokens could not be securities since there were no “investment contracts” involved in their issuance, which would guarantee the rights investors or compel the issuer to act in their interests, as reported by Theinquirer.
Ripple is accused by the SEC over the issuance of the cryptocurrency XRP, which the regulator says occurred without its approval because it views the tokens as securities, costing the blockchain company more than $100 million in legal fees, according to its CEO Brad Garlinghouse.
Despite the lawsuit, the blockchain company is joining efforts for a greener future, along with hundreds of other companies, with Ripple announcing on September 20 that it had signed the Climate Pledge.
Meanwhile, XRP has gained 20% over the past week as $3 billion flooded into its market capitalization despite the prolonged SEC lawsuit.
Featured image via Twitter POLITICO Live
