Crypto Market News: Amid an increasingly tougher regulatory scrutiny on crypto businesses from the U.S. Securities and Exchange Commission (SEC), verbal attack on the agency is rampant. While executives from the likes of Grayscale and Binance have been engaging is sharp criticism of SEC Chair Gary Gensler, Ripple, the company fighting SEC in the XRP lawsuit, is onto a slightly different debate. The company’s questioning is based on the classic question in crypto market, whether XRP is a security or not.
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The debate around XRP not being a security arose again in the wake of Coinbase’s formal response to the SEC’s Wells notice saying the platform followed the securities laws in its United States operations. This, according to the XRP community, indirectly indicates that XRP was also not trading as a security before Coinbase delisted the altcoin in 2020 over the SEC lawsuit.
Stuart Alderoty Roasts SEC
Stuart Alderoty, the Chief Legal Officer at Ripple, posted a hilarious image of an entangled goldfish in the waters, likening the SEC’s stance of controlling it, in the instance of the SEC supervising animal control. He shared the image in response to Gensler’s tweet on crypto platforms having to comply with securities laws and registering with the SEC.
If the SEC ran animal control… https://t.co/mneuZfGgCy pic.twitter.com/k3mHYgPxQ1
— Stuart Alderoty (@s_alderoty) April 28, 2023
Meanwhile, the Summary Judgement in the XRP Vs SEC lawsuit is still awaited, amid expectations that Ripple would win the case.
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