Read full article at Coingape.

ripple ceo garlinghouse

Amid the ongoing XRP lawsuit, it has become evident that the entire crypto community along with the defendants, Ripple, are displeased with the extent of SEC’s regulatory powers. According to Bloomberg, yesterday, Ripple called on regulators, lawmakers, and the industry to carve out a framework limiting regulatory oversight of the SEC on the decentralized market.

While Ripple itself is currently battling the ill effects of the SEC’s “hostile” regulatory approach, it claimed that the lack of guidelines and monitoring of the commission’s actions is hampering innovation and pushing crypto businesses overseas. Furthermore, Stuart Alderoty, Ripple’s general counsel, noted that the SEC is “doubling down on regulation by enforcement,” rather than setting clear rules, which needs to be curbed before it drives away the entire decentralized industry from the US.

Ripple suggests CFTC oversight over the SEC

Ripple has reached out to the Washington policymakers, suggesting the incorporation of the Commodity Futures Trading Commission (CFTC), levying it with greater regulatory power over the SEC, or dividing both commissions’ regulatory capacity into half. This could be beneficial for the crypto community since CFTC’s former approach to the digital assets class has been rather friendly. While the SEC would clearly disapprove of this appeal, the commission has decided to not comment on the issue as of now.

Ripple Losses Affect XRP Price

Due to the extensively extended XRP lawsuit, the XRP community has continued to suffer. While the token experienced a steady bull earlier this month as the lawsuit appeared to be gravitating in Ripple’s favor, however, the latest update in the case paused XRP’s already slow growth and caused a fall. Earlier this week, as bitcoin dropped, altcoins followed, but in the case of XRP, the lawsuit also played a major role in turning the coin red. As the court-ordered Ripple to conduct a reasonable search of the relevant video and audio-taped recordings and produce responsive documents of its internal meetings, noting that Ripple’s former search of its recorded meetings was “inadequate under the circumstances”, XRP followed the small loss and fell.

The post Ripple Calls SEC approach “hostile”, suggest limitations to regulatory interference in crypto appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.