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Ripple’s General Counsel Slams SEC Saying It Does Not Has Power To Label XRP A Security

Stuart Alderoty is popularly known for his relented support for the leading blockchain company especially when the SEC’s attempt to tag Ripple’s XRP “Security” is so imminent, that Ripple’s General Counsel, Alderoty, has hit back on the New York Times report on the Ripple, saying that Ripple was charged with offering “unregistered securities” by the SEC. 

The fight between SEC and Ripple started some years when the US commission tagged the XRP as security and enforce measures on every platform involved in trading the token. This has led to the rejection of Ripple’s XRP by many major trading platforms.

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SEC Has No Power To Tag XRP As A Security

Per the report from the New York Times: “A federal judge is expected to rule in the coming months in a lawsuit brought by the S.E.C. that charges the cryptocurrency issuer Ripple with offering unregistered securities,” 

The above report has prompted the Alderoty to slam the SEC, saying that “To be clear, the SEC hasn’t labelled XRP a security, nor does it have the power to do so,” 

The Ripple General Counsel said the Securities and Exchange Commission could only ask the court whether XRP is a security, and the court will answer the question.

As said earlier said, there has been no love lost between Ripple’s General Counsel, Stuart Alderoty, and SEC as the former has always been popular for attacking SEC under the chairmanship of Gary Gensler. He was said that challenged Gensler for appointing himself the cop on the beat for Crypto.

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Furthermore, He slammed hard on the US commission chairman, Gary Gensler, saying that SEC has failed time and again to protect anyone, but keeps crowing about Kim Kardashian while the lines in bankruptcy courts grow longer for consumers. This insanity must stop, he said.

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