Stuart Alderoty, Ripple’s top legal mind, recently told CNBC that the fight for “clear” and “fair” crypto regulation would continue after the company’s resounding victory against the U.S. Securities and Exchange Commission (SEC). He added that Ripple would continue to spearhead it.
Earlier this week, Ripple announced that the SEC would abandon its controversial appeal against the company. This came after the agency also dropped several high-profile cases against such heavyweights as Coinbase and Kraken amid its aggressive push to stop crypto enforcement.
Notably, the enterprise blockchain company is yet to withdraw its cross-appeal. It is unclear whether Ripple would proceed with it. During a recent Bloomberg interview, CEO Brad Garlinghouse indicated that the company was still considering its next steps.
In its response to pro-crypto SEC Commissioner Hester Peirce, Ripple has stated that the application of the Howey Test was “distorted” by the previous administration. The company has urged the new SEC leadership to “disavow” such distortions and avoid creating “needlessly complex” approaches. Ripple has argued that the SEC should remain within its “statutory bounds” while bringing “relief through clarity.”
Earlier this week, the SEC’s recently established crypto task force held its very first roundtable.
Former SEC official John Reed Stark has stated that he was particularly impressed with Commissioner Caroline Crenshaw, who he claims “has set herself apart as a true investor champion…For the SEC, holistic protection of the markets has always been and must remain our North Star,” Crenshaw, the lone dissenting voice at the SEC, said in her remarks.
