Ripple CLO Warns: This Crypto Bill Could Trap XRP In Endless Regulatory Watch
Main Idea
Ripple's Chief Legal Officer warns that a proposed crypto bill could subject XRP to indefinite SEC oversight, potentially exacerbating regulatory uncertainty.
Key Points
1. Ripple CLO Stuart Alderoty submitted a formal response to the U.S. Senate Committee, arguing the bill expands SEC jurisdiction beyond its legal authority.
2. The bill's 'ancillary assets' definition could impose permanent SEC oversight on established cryptocurrencies like XRP.
3. Ripple criticized the bill for allowing unrestricted use of the Howey Test, which may lead to inconsistent regulatory treatment.
4. Alderoty urged lawmakers to revise the bill to provide clarity and limit regulatory overreach, warning it could deepen uncertainty.
5. The article mentions Ripple's ongoing legal battle with the SEC and the need for a balanced regulatory framework.
Description
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has issued a sharp warning to lawmakers, cautioning that a proposed Senate bill on digital assets could deepen regulatory confusion and place long-standing cryptocurrencies like XRP under indefinite supervision by the U.S. Securities and Exchange Commission (SEC). Concerns Over Expanded SEC Jurisdiction On August 5, Alderoty sub mitted a formal response to the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the committee...
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