Ripple Legal Chief states that ‘Gary Gensler Will Repeat Lies On XRP In Financial Services Hearing.
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Ripple’s Chief Legal Officer, Stuart Alderoty, has made a bold claim ahead of a forthcoming U.S. House of Representatives Committee on Financial Services hearing scheduled for September 27, 2023. He confidently predicts that Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), will continue to say that XRP does not comply with investment regulations.
Ripple Legal Chief Alleges Gensler’s Continuing XRP Lies
Gary Gensler’s strict enforcement of U.S. investment regulations on cryptocurrencies has sparked contentious debates within the crypto community.
Earlier in July 2023, Judge Torres said that when XRP tokens were sold to everyday people, it wasn’t like selling investment stuff, which goes against what the SEC has said for a long time.
Alderoty, talking about this decision, said, “The head of the SEC will go to Congress soon and will lie by saying there’s something called a ‘crypto investment market,’ and he’ll say that tokens themselves are investment deals.”
This argument arose after Gary Gensler made a statement in September 2023 during a Senate meeting, highlighting that the crypto world has lots of cheating and bad behavior.
Alderoty emphasized a section of Judge Torres’s ruling, asserting that XRP, being a digital token, does not necessarily qualify as an investment deal, transaction, or plan that aligns with the Howey rules for investment deals.
Gary Gensler’s Seeks To Avoid Active Lawsuit Questions
In his earlier talk before the meeting, Gary Gensler was clear that he would not discuss any active lawsuits. This includes both the XRP lawsuit and the Grayscale lawsuit regarding Bitcoin investments.
The debate surrounding cryptocurrency continues to grow, as regulators and individuals within the crypto world hold contrasting opinions. The meeting coming up is a really important moment in this ongoing conversation.
