The Ripple CLO passed his crucial opinion before the Chair of the SEC, Gary Gensler, is called to present his testimonial later today before the United Nations House of Financial Services.
Fox Business Journalist on Gensler’s Testimony
Fox Business reporter Eleanor Terrett posted a copy of Gensler’s remark on cryptocurrencies on the X platform before the testimony. The post quickly gained traction, sparking a heated debate among cryptocurrency enthusiasts and financial experts. Many were eager to hear Gensler’s stance on the future of digital currencies and how they would be regulated.
Stuart Alderoty on Gensler’s Testimony
Stuart Alderoty, the Chief Legal Officer of Ripple, expects that while Gary Gensler presents his testimonial before the House of Financial Services, any U.S. representative member present in the conference to bring forward the ruling of the U.S. District Judge Analisa Torres’s judgment on the SEC v Ripple ruling.
In a reply to Fox Business Journalist Eleanor Terret’s, Stuart Alderoty took to X and posted a series of comments.
Firstly, he comments that Gensler claiming that there exists something called a “crypto assets securities market” would be a straight lie on the face of Congressmen.
In attachment to this, he wrote a second post where he hopes that at least one of the many US Representative Members present in the testimony will present the judgment of the Court, passed by Judge Analisa Torres, in the Ripple suit dated 13/7/23. Judge Analisa Torres held that “XRP, as a digital token, is not in and of itself “a contract, transaction, or scheme” that embodies the Howey requirements of an investment contract.”
To this post of Alderoty, many verified crypto enthusiasts commented, bringing out their discontent against the US SEC’s Chair Gary Gensler.
One said “Why is his lies never challenged?” while another commented, “Funny how the term ‘crypto asset securities’ has just started appearing in all SECGov materials.”
SEC Not Abiding by The Court’s Decision
The SEC is not contesting the court’s determination that XRP is not a security but instead focusing on the issue of Ripple’s sales of XRP. The SEC wants to review whether Ripple violated securities laws by conducting these secondary sales. This distinction is crucial as it indicates that the SEC’s case against Ripple is not necessarily about XRP’s classification as a security but rather about Ripple’s alleged illegal activities related to the token.
