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Ripple’s Chief Legal Officer criticised the Securities and Exchange Commission’s (SEC) top enforcer for condemning the crypto industry. However, this is not the first time that a major industry player has come ahead to question the SEC’s official remarks and guidance. Ripple CLO goes after SEC director 
Stuart Adelroty, Ripple’s CLO in a post confronted Gurbir Grewal, the Director of the SEC’s Division of Enforcement recent comments. He stated that Dir Grewal says the crypto enforcement unit acts with integrity, meanwhile, they are ignoring the <a href="https://news.todayq.com/sec-hit-with-heavy-sanctions-in-debt-box-crypto-case/">DebtBox sanctions</a> for “gross abuse of power.” 
Despite Grewal’s assertion of the SEC’s integrity, Alderoty highlighted instances where the agency had been scolded in the court. The judge in the <a href="https://news.todayq.com/sec-vs-ripple-a-crucial-battle-crypto-industry/">Ripple lawsuit</a> had admonished the commission for lack of “faithful allegiance to the law”. Ripple’s lawyer brought up the Grayscale case where the court called the SEC’s claims “arbitrary and capricious”. 
Ripple CLO mentioned that the SEC director cited one portion of the Ripple case ruling but managed to ignore the commission lost or gave up on most of its claims. This includes the Court’s rejection of the watchdog’s assertion that XRP was in and of itself a security. 
Moreover, Alderoty had challenged Grewal’s claim of providing clear crypto guidance. He cited the commission’s shifting stance on factors determining the Howey test. He claimed that these actions had led to greater confusion within the industry. He stressed the need for the SEC to admit these truths and repair the institutional damage caused by its misguided approach to crypto regulation. What’s next for XRP? 
Grewal, during a speech at the “SEC Speaks” event, defended the agency’s enforcement efforts against crypto noncompliance. He addressed criticisms of “regulation by enforcement” and emphasized the Howey Test as the standard for determining whether crypto assets qualify as securities. 
Ripple is continuously fighting the legal battle with the SEC and on the market side its native crypto XRP is suffering. XRP price had dropped by more than 10% in the last 30 days, while, it has knocked 7% loss on the year to date (YTD) basis. 
XRP price is down by over 2% in the past 24 hours. Ripple’s native crypto is trading at an average price of $0.573, at the press time. Its 24 hour trading volume is down by 20% to stand at $1.5 billion. It is still down by 85% from its all time high (ATH) of $3.84 recorded on January 4, 2018. However, XRP holds a market cap of more than $31.51 billion.

Ripple CLO calls out SEC’s ‘gross abuse of power’

Todayq News

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