BUSD

Galaxy

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Stuart Alderoty, Ripple's top lawyer, <a href="https://x.com/s_alderoty/status/1830644070638850285" rel="noopener noreferrer nofollow">took aim</a> at the SEC's controversial "crypto asset security" term in his recent social media post.&nbsp;
Alderoty argues that this is a fabricated term without any legal basis.&nbsp;&nbsp;&nbsp;
"The SEC needs to stop trying to deceive judges by using it," he stressed.&nbsp;
As noted by Alex Thorn, head of research at prominent crypto firm Galaxy Digital, the agency is once again reserving the right to claim that USD-backed stablecoins are "crypto asset securities."
This came after it dropped its enforcement action against stablecoin firm Paxos. The firm was at loggerheads with the SEC over the BUSD that was issued in partnership with Binance.&nbsp;
Thorn was highly critical of the SEC, describing its recent action as "the height of jurisdictional overreach."&nbsp;
"The SEC doesn’t even make a case here. They are just unwilling to let it go. It’s a bludgeon they must keep sharp..." he said.&nbsp;
Last December, Judge Jed Rakoff ruled that Terra's UST stablecoin was an unregistered security in a significant win for the SEC. However, as noted by Thorn, this was related only to algorithmic stablecoins.&nbsp;
As&nbsp;<a href="https://u.today/ripple-stablecoin-makes-first-beta-steps-on-xrp-ledger" rel="noopener noreferrer nofollow">reported by U.Today</a>, Ripple's own RLUSD stablecoin recently entered a beta testing phase. The much-anticipated project is expected to go live later this year on the XRP Ledger and Ethereum.&nbsp;
Ripple's foray into the stablecoin market is likely to attract more regulatory scrutiny. The SEC has already targeted Ripple's dollar-backed cryptocurrency, describing it as an "unregistered crypto asset" in one of its legal filings. &nbsp;

Ripple’s Top Lawyer Warns SEC Against Deceiving Judges

U_Today

Other articles published on Sep 2, 2024

Could U.S. Government Crash Bitcoin? Exclusive Insights Revealed!

Whale Offloads 14.95M BLUR Tokens on Binance, Incurs $2.18M Loss

Leading Crypto Presales of 2024: Artemis Coin, The Meme Games, WienerAI, PlayDoge, and Shiba Shoo...

Japanese Bitcoin investor Metaplanet works with Ripple’s partner SBI

OKX Singapore Appoints New CEO Amid Regulatory Win

Kamala Harris’ Odds Tumble on Polymarket as Donald Trump Reclaims the Lead

Join our free newsletter for daily crypto updates!