Ripple’s Stuart Alderoty searched SEC Chairman Gary Gensler after the latter’s testimony before the US Senate Banking Committee
Stuart Alderoty, general counsel for Ripple, took aim at the chairman of the United States Securities and Exchange Commission after the latter wrongly stated that the Supreme Court test is set to determine whether or not a token is a unregistered title.
“Was that intentional or does he really not know the law? What’s worse? Alderoty tweeted.
On Thursday, Gensler appeared before the US Senate Banking Committee to defend the agency’s somewhat controversial stance on cryptocurrency regulation.
In an exchange with cryptocurrency-friendly Sen. Pat Toomey (R-PA), Gensler said there is no single specter of decentralization because many factors need to be considered.
Referring to the Supreme Court, the SEC chief says they are mid-stream developers whether or not the token is on thousands of computers.
That’s not what the Supreme Court is looking at. It’s not about the token being on a thousand computers. This is the group of developers in the middle.
Earlier this month, Alderoty slammed the SEC for its alleged attempt to orchestrate a “political power grab” with its approach to cryptocurrencies after Gensler dismissed the idea that crypto requires specific regulation.
Ripple has been at odds with the SEC for years after the company was sued for violating securities laws with its sales of XRP.
Earlier this week, the SEC finally deposited his motion for summary judgment against the Ripple defendants, meaning the trial is one step closer to resolution.