{"id":25232,"date":"2023-06-09T15:53:12","date_gmt":"2023-06-09T19:53:12","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25232"},"modified":"2023-06-09T15:53:12","modified_gmt":"2023-06-09T19:53:12","slug":"former-sec-chairman-deserves-appreciation-from-ripple-alderoty-states","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/09\/former-sec-chairman-deserves-appreciation-from-ripple-alderoty-states\/","title":{"rendered":"Former SEC Chairman Deserves Appreciation From Ripple, Alderoty States"},"content":{"rendered":"

Ripple General Counsel Stuart\u00a0Alderoty, recently acknowledged the former United States Securities and Exchange Commission (SEC) Chairman, Late Harvey Pitt, in a tweet<\/a> expressing gratitude towards his contribution.\u00a0\u00a0<\/p>\n

He added that Ripple owes a debt of gratitude to Harvey for providing a comprehensive description employed by the SEC to enforce compliance with securities laws.<\/p>\n

Alderoty further cites Pitt\u2019s argument in the Tetragon vs. Ripple case, stating it is the court\u2019s responsibility, not the commission\u2019s, to decide if an asset qualifies as a security.<\/p>\n

Alderoty Highlights Pitt\u2019s Report on SEC Lawsuit Process<\/h2>\n

In the tweet, Alderoty added Pitt\u2019s report<\/a> in the Tetragon Fin. Grp. vs. Ripple lawsuit as an attachment.\u00a0The Ripple general counsel drew attention to a comment Pitt made regarding the process of an enforcement action conducted by the SEC.<\/p>\n

Related Reading: Bitcoin Bearish Signal: Dormant 1,433 BTC Moves After 10+ Years<\/a><\/p>\n

Pitt\u2019s report states an enforcement action begins when the SEC files a lawsuit against an entity in a federal court. He also noted that commissioners that vote to bring an enforcement action are minimally involved once the litigation commences.<\/p>\n

The former chairman clarified that once the SEC initiates legal proceedings, the commission\u2019s role shifts to that of an advocate for its stance. Also, he emphasized that the court holds the ultimate authority to determine if the asset in question qualifies as a security.<\/p>\n

For context, Pitt died in Washington on May 30, 2023, at 78 years, due to a sudden illness. He became the SEC Chairperson in 2001 but resigned after 18 months due to various corporate scandals, including the notorious Enron scandal.<\/p>\n

Notably, Pitt served as the US Securities and Exchange Commission chairman under the reign of President George Bush.<\/p>\n

SEC vs. Ripple Legal Battle and Controversy Over Crypto Asset Securities<\/h2>\n

It is worth noting that the lawsuit filed against Ripple by the SEC has lasted over two years, resulting in Ripple spending<\/a> about $200 million to fight back.<\/p>\n

The SEC accuses Ripple of selling an asset as an unregistered security, while Ripple says the asset should be seen as a digital currency rather than a security.<\/p>\n

In addition to XRP, the SEC has recently designated various other crypto assets as securities.\u00a0 This list includes ADA, CHZ, SOL, AXS, FIL, ICP, FLOW, NEAR, MATIC, VGX, SAND, DASH, BNB, BUSD, ATOM, MANA, ALGO, and COTI.<\/p>\n

Following the SEC\u2019s decision to label multiple crypto assets as securities, the commission has encountered several criticisms from the crypto community. SEC Chair Gary Gensler had asserted<\/a> that most crypto assets, excluding Bitcoin, are considered securities.\u00a0<\/p>\n

Nevertheless, Gensler did not explain how he reached this conclusion regarding the legal classification of these \u201cmost\u201d cryptocurrencies.<\/p>\n

Meanwhile, in a recent tweet by Alderoty, he said<\/a> that despite what Gensler said, the Securities and Exchange Commission does not have a magic regulatory wand to convert any token to securities. He added that he\u2019s looking forward to how the Congress and Courts will follow up the case.<\/p>\n

Featured image from Pixabay and chart from Tradingview.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ripple General Counsel Stuart\u00a0Alderoty, recently acknowledged the former United States Securities and Exchange Commission (SEC) Chairman, Late Harvey Pitt, in a tweet<\/a> expressing gratitude towards his contribution.\u00a0\u00a0<\/p>\n

He added that Ripple owes a debt of gratitude to Harvey for providing a comprehensive description employed by the SEC to enforce compliance with securities laws.<\/p>\n

Alderoty further cites Pitt\u2019s argument in the Tetragon vs. Ripple case, stating it is the court\u2019s responsibility, not the commission\u2019s, to decide if an asset qualifies as a security.<\/p>\n

Alderoty Highlights Pitt\u2019s Report on SEC Lawsuit Process<\/h2>\n

In the tweet, Alderoty added Pitt\u2019s report<\/a> in the Tetragon Fin. Grp. vs. Ripple lawsuit as an attachment.\u00a0The Ripple general counsel drew attention to a comment Pitt made regarding the process of an enforcement action conducted by the SEC.<\/p>\n

Related Reading: Bitcoin Bearish Signal: Dormant 1,433 BTC Moves After 10+ Years<\/a><\/p>\n

Pitt\u2019s report states an enforcement action begins when the SEC files a lawsuit against an entity in a federal court. He also noted that commissioners that vote to bring an enforcement action are minimally involved once the litigation commences.<\/p>\n

The former chairman clarified that once the SEC initiates legal proceedings, the commission\u2019s role shifts to that of an advocate for its stance. Also, he emphasized that the court holds the ultimate authority to determine if the asset in question qualifies as a security.<\/p>\n

For context, Pitt died in Washington on May 30, 2023, at 78 years, due to a sudden illness. He became the SEC Chairperson in 2001 but resigned after 18 months due to various corporate scandals, including the notorious Enron scandal.<\/p>\n

Notably, Pitt served as the US Securities and Exchange Commission chairman under the reign of President George Bush.<\/p>\n

SEC vs. Ripple Legal Battle and Controversy Over Crypto Asset Securities<\/h2>\n

It is worth noting that the lawsuit filed against Ripple by the SEC has lasted over two years, resulting in Ripple spending<\/a> about $200 million to fight back.<\/p>\n

The SEC accuses Ripple of selling an asset as an unregistered security, while Ripple says the asset should be seen as a digital currency rather than a security.<\/p>\n

In addition to XRP, the SEC has recently designated various other crypto assets as securities.\u00a0 This list includes ADA, CHZ, SOL, AXS, FIL, ICP, FLOW, NEAR, MATIC, VGX, SAND, DASH, BNB, BUSD, ATOM, MANA, ALGO, and COTI.<\/p>\n

Following the SEC\u2019s decision to label multiple crypto assets as securities, the commission has encountered several criticisms from the crypto community. SEC Chair Gary Gensler had asserted<\/a> that most crypto assets, excluding Bitcoin, are considered securities.\u00a0<\/p>\n

Nevertheless, Gensler did not explain how he reached this conclusion regarding the legal classification of these \u201cmost\u201d cryptocurrencies.<\/p>\n

Meanwhile, in a recent tweet by Alderoty, he said<\/a> that despite what Gensler said, the Securities and Exchange Commission does not have a magic regulatory wand to convert any token to securities. He added that he\u2019s looking forward to how the Congress and Courts will follow up the case.<\/p>\n

Featured image from Pixabay and chart from Tradingview.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25232","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25232"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25232\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25232"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}