XRP GAINS AS RIPPLE CLO CALLS OUT SEC FOR STANCE ON CRYPTO ASSET SECURITIES,REGULATOR APOLOGIZES FOR CONFUSION
Ripple Chief Legal Officer Stuart Alderoty comments on SEC’s definition of crypto asset securities.
SEC faces criticism for referring to crypto tokens as securities and apologizes for confusion in footnotes of Binance lawsuit.
Alderoty points out inconsistencies in the SEC’s regulatory approach towards the crypto industry in 2017 and 2024, influencing the Ripple lawsuit.
XRP gains over 1% on Friday, trades at $0.5695 at the time of writing.
XRP posts gains for a second consecutive day on Friday, extending Thursday’s surge, as Ripple Chief Legal Officer (CLO) Stuart Alderoty and Coinbase’s CLO Paul Grewal slammed the US Securities & Exchange Commission (SEC) stance over the usage of the term “crypto asset securities.”
The regulator clarified its use of the term “crypto asset securities” (that has no legal basis per Alderoty) and apologized for the confusion caused through an amendment to footnotes in the SEC vs. Binance lawsuit.
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