The General Counsel of Ripple—Stuart Alderoty recently alleged the SEC to be pressuring and interfering with the affairs of the crypto market. According to Alderoty, responsible legislation regarding cryptocurrency and other digital assets must be introduced in Washington immediately.
Several crypto trading platforms and agencies are criticizing the Securities and Exchange Commission of the US. Recently, Coinbase was targeted by the SEC for promoting insider trading through its platform. However, the allegations were shunned by the DOJ due to a lack of evidence.
Coinbase had filed a counter-allegation against the SEC by denying that they did not allow trading of securities on its platform, lest they let their customers lay hands on the unauthorized securities.
In a blog post, the lawyer for Ripple has accused the SEC of similar incidents—stating that, disguised as regulations, the SEC is threatening the blockchain market without proper proof and only vague allegations.
#Ripple’s General Counsel says the SEC is bullying crypto markets by filing unproven allegations masquerading as regulations.
— Watcher.Guru (@WatcherGuru) July 27, 2022
Why has Ripple imposed such strong allegations on the SEC?
The blog post shared by Ripple’s lawyer mentioned that the introduction of crypto regulations is the need of the hour as the SEC is trying to bully the crypto market by threatening to register law enforcement cases against several crypto agencies; Ripple and Coinbase are two of the recipients of SEC disguised scrutiny attacks.
Alderorty further stated that unproven allegations are masquerading throughout the market under the name of regulation and legislation, which is not only affecting the market’s behaviors but also the investors and crypto agencies’ client base are falling prey to the whims of an unrestrained regulator.