XRP lawsuit: Gary Gensler, Chairperson at U.S. Securities and Exchange Commission (SEC), has again sent out shock waves in the crypto market with his latest claims over Bitcoin (BTC). However, the industry leaders have launched an attack against US SEC Chair for categorizing altcoins as “Security”.
US SEC Chair Forming Vague Narrative?
Stuart Alderoty, Chief Legal Officer for Ripple went on to correct Gary Gensler over his Bitcoin comment. He stated that US SEC Chair proclaimed that every other digital asset except Bitcoin is an unregulated security.
He suggested Gensler recuse himself from voting on any further enforcement case which involves the same concern. Alderoty claims that now the US SEC chair has prejudged the outcome of Antoniu v. SEC (8th Cir. 1989) case.
Ripple and US SEC are involved in a long running legal battle that will decide the fate of one of the largest crypto assets, XRP. Both parties are now waiting for the Summary Judgement in the XRP lawsuit. It is expected that a Judgement on the case will lead the crypto industry toward clarity around digital asset categorization.
Leader Rejecting Bitcoin Claims
Coingape reported that XRP holders’ lawyer, John Deaton hits out at the Bitcoin maximalists for supporting Gary Gensler’s latest comments. He went on to reject the narrative building in the market that other cryptos are security.
Earlier, Ripple’s Chief Lawyer stated facts about the US SEC’s record of losing cases in the Apex court of the United States. He hinted that the commission can take the XRP lawsuit to the Supreme court if it faces a loss in the Summary Judgment.
Alderoty stated that the US SEC has lost four of its five cases in the Supreme. This exposes the commission’s bullying and stretching of legal positions.