Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, reacted to the US Securities & Exchange Commission’s (SEC) use of the term ‘crypto asset securities’ in lawsuits against cryptocurrency exchanges and firms.
Ripple Chief Legal Officer condemns the SEC’s use of the term ‘crypto asset securities.’ SEC refers to crypto assets as securities in its litigation against the bankrupt FTX exchange and in Ripple ’s lawsuit. Ripple executive says the term is fabricated, the regulator allegedly deceives judges, and has no ‘legal basis.
The decision from July 2023 was upheld in the final ruling, and XRP has legal clarity, unlike other altcoins. In its litigation against other crypto firms, the SEC continues its usage of the term ‘crypto asset securities.” The term 'crypto asset security' is nowhere to be found in any statute—it's a fabricated term with no legal basis. The SEC needs to stop trying to deceive judges by using it. pic.twitter.
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