The post Ripple (XRP) Shares Its Demands to New SEC Administration – Here Are The Details appeared on BitcoinEthereumNews.com.

Ripple’s Chief Legal Officer Stuart Alderoty has laid out a bold set of recommendations for reforming the U.S. Securities and Exchange Commission (SEC), urging the next chairman to reset the agency’s strained relationship with the cryptocurrency industry. Alderoty’s comments coincide with Donald Trump’s return to the presidency, just after Gary Gensler announced he would resign as SEC Chairman on January 20. Alderoty’s proposals include halting all non-fraud-related crypto lawsuits, a move that would put an abrupt end to the SEC’s long-running legal battle with Ripple. The case, which began in 2020, centers on XRP’s classification as a security. A federal court ruled earlier this year that Ripple violated securities laws in its institutional sales of XRP, while individual sales on public exchanges did not. Ripple was fined $125 million, significantly less than the SEC’s original demands. But the regulator has since appealed the decision, with Alderoty slamming the move as “disappointing but not surprising,” adding that it further compounded “what was already a complete embarrassment for the institution.” Alderoty also cited the importance of balanced leadership at the SEC, suggesting that Commissioners Hester Peirce and Mark Uyeda, both of whom have been strong critics of the agency’s crypto enforcement strategy, remain in office. Peirce, widely known in the industry as “Crypto Mom” for her dissenting views, is widely admired for her pro-crypto stance. However, she is not expected to take on a senior role at the SEC, with sources from her office jokingly indicating that her post-agency plans lean more toward beekeeping than public service. Uyeda, who has often aligned himself with Peirce in criticizing the SEC’s approach, has expressed interest in running the agency. He recently called the SEC’s enforcement-focused crypto regulation “a disaster for the entire industry” and called for a shift toward clarity and collaboration. Alderoty also…

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Filed under: News - @ November 24, 2024 9:04 pm