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Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has called on US Vice President Kamala Harris to end the SEC’s crackdown on crypto. The call comes after Harris’ campaign joined the discussions about a “crypto reset.”
Ripple’s Chief Legal Officer Calls Kamala Harris
Stuart Alderoty has made a strong call to Vice President Kamala Harris to end the SEC’s “misguided war” on crypto. The statement comes after a major court ruling in the ongoing legal battle between Ripple and the SEC.
While Alderoty expressed optimism about the court ruling in an interview, he later emphasized the need for urgent political intervention in a statement on the X platform. “If this administration is seriously looking for a ‘reset,’ it should act NOW to end the SEC’s misguided war on crypto,” he said, referring to Harris’ proposed “crypto reset.” The statement underscores the crypto community’s urgency over the SEC’s regulatory approach.
Alderoty’s Comments on Ripple SEC Lawsuit Decision
This week, the court ordered Ripple to pay a $125 million penalty for failing to register its XRP token sales to institutional investors. That amount is far less than the $2 billion the SEC had initially sought. Alderoty called the outcome of the Ripple SEC lawsuit a victory not just for Ripple, but for the entire crypto industry.
“Ripple did not act recklessly… There are no victims; there were no financial losses to the counterparties to these transactions,” Alderoty said. He also noted that the court’s decision provided much-needed clarity. The court’s ruling that XRP itself is not a security resolves a key issue at the heart of the case.
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“The fundamental clarity that we are seeking in this case is that XRP is not a security per se… just like a gold bar is never a security,” Alderoty said. He noted that this decision sets a critical legal precedent that could impact crypto regulation. Despite the positive result, Alderoty acknowledged the possibility of an SEC appeal. However, Ripple expressed confidence that the SEC case is nearing its end. “For us, it is finally over… If the SEC is a rational actor… there should be no appeals,” he said. He also emphasized that the blockchain payments firm is focused on growing its business and moving forward.
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