Stuard Alderoty, Ripple’s chief legal officer, recently took to the X social media platform to praise Rep. Ritchie Torres (D-NY) for showcasing his pro-crypto stance during a recent congressional hearing.
The congressman took issue with the SEC’s usage of the controversial term “crypto asset security.”
Daniel Gallagher, chief legal officer at Robinhood, has clarified that he does not know any statutes enacted by Congress that mention the term in question. “They certainly created it,” Gallagher said in response to a question about whether or not the SEC invented the term out of thin air.
While commenting on this exchange, Alderoty has accused the SEC of using the term in order to mislead judges. Now, it is “catching up” with them, according to Ripple’s top legal mind.
This is not the first time that the Ripple CLO has wielded such an accusation against the SEC. Earlier this month, Alderoty warned the SEC against deceiving judges by using the fabricated term.
Notably, the SEC recently ended up apologizing for using the term “crypto asset security” in the Binance case. In its amended complaint against the exchange, the agency acknowledged that its usage of the term had caused confusion.
The agency recently used the same term for its repost of a previously published crypto scam alert.
Alderoty, who has repeatedly criticized the agency’s anti-crypto stance, recently opined that the SEC was severely lagging behind other regulators around the globe. He is not sure whether the US will actually be able to catch up with the rest of the world.
