Ripple's Chief Counsel lashed out at the SEC's gaining political power. Stuart Alderoty, Principal Advisor to blockchain company Ripple, has made new criticisms of the US Securities and Exchange Commission (SEC) in a recent tweet.
In a recent speech at an economic conference, US Securities and Exchange Commission Chairman Gary Gensler dismissed the idea that cryptocurrencies should be specifically regulated. Chairman Gensler has once again signaled that the commission will continue to apply existing rules to cryptocurrencies. He also reiterated that the vast majority of existing cryptocurrencies are securities. Stuart Alderoty, Ripple's Principal Advisor, said:
"Another famous quote from Joseph Kennedy: 'I wanted power. I thought money would give me power and so I made money, only to discover that it was politics--not money--that really gave a man power.'https://www.sec.gov/news/speech/gensler-sec-speaks-090822
Make no mistake, this is a political power grab (it's not the law and it's not good policy) and it's at your expense."
US Securities and Exchange Commission boss urged crypto platforms to follow the rules and voluntarily sign up for the commission. XRP is fighting a tough legal battle with the US Securities and Exchange Commission, the outcome of which is believed to have major implications for the cryptocurrency industry. Attorney Jeremy Hogan, an XRP advocate and legal adviser, recently stated that the SEC's allegations that Ripple is selling XRP as an unregistered security could be finalized in November.
XRP, the seventh largest cryptocurrency by market capitalization, reached the ATH level in 2018. XRP has not come close to these levels for nearly five years. While making many coin investors happy in this process, XRP could not make the expected leap. Investors attribute this to XRP's unsuccessful litigation process.