General counsel at Ripple, Stuart Alderoty, publicly slams the SEC on twitter for their factual inconsistencies in the Ripple vs SEC lawsuit in a twitter thread on August 3rd, 2022.
“The SEC argued in LBRY: “Even if a fraction of people” buy a token for “investment purposes, you’re in securities land.” Does every jeweler now book a one way ticket to “securities land” because a “fraction” of their customers are “investing” in the oldest commodity – gold?!”
“The SEC keeps relegating the CFTC to the kids’ table. That’s their regulation by enforcement strategy – attack projects w/ varying resources so they can expand their jurisdiction beyond “securities” by telling judges w/a straight face we’re the government so we must be right. 2/3“
“Time for the industry to lock arms and defend this overreach together. 3/3”
Then LBRY, who is also actively participating in a lawsuit with the SEC, chimes in and responds.
“The SEC arguments in our most recent hearing have to be read to be believed. We probably sound hysterical at times, but thee SEC really is making an argument so broad as to include every cryptocurrency, including Bitcoin and Ethereum.”
The continued regulation by enforcement (bullying) by the SEC is clearly a negative impact for all institutional cryptocurrency participants and must be brought to an end.
The post JUST IN: Ripple Slams SEC AGAIN.”It’s Time To Defend This Overreach” appeared first on The XRP Daily.