{"id":537218,"date":"2023-06-09T15:30:23","date_gmt":"2023-06-09T15:30:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=537218"},"modified":"2023-06-09T13:30:42","modified_gmt":"2023-06-09T13:30:42","slug":"former-sec-chairman-deserves-appreciation-from-ripple-alderoty-states","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/former-sec-chairman-deserves-appreciation-from-ripple-alderoty-states\/","title":{"rendered":"Former SEC Chairman Deserves Appreciation From Ripple, Alderoty States"},"content":{"rendered":"
Ripple General Counsel <\/span>Stuart\u00a0<\/span>Alderoty, recently acknowledged the former United States Securities and Exchange Commission (SEC) Chairman, Late Harvey Pitt, <\/span>in a tweet<\/span><\/a> expressing gratitude towards his contribution.\u00a0\u00a0<\/span><\/p>\n He added that Ripple owes a debt of gratitude to Harvey for providing a comprehensive description employed by the SEC to enforce compliance with securities laws.<\/span><\/p>\n Alderoty further cites Pitt’s argument in the Tetragon vs. Ripple case, stating it is the court’s responsibility, not the commission’s, to decide if an asset qualifies as a security.<\/span><\/p>\n In the tweet, Alderoty added Pitt’s<\/span> report<\/span><\/a> in the Tetragon Fin. Grp. vs. Ripple lawsuit as an attachment.\u00a0<\/span>The Ripple general counsel drew attention to a comment Pitt made regarding the process of an enforcement action conducted by the SEC.<\/span><\/p>\n Related Reading: Bitcoin Bearish Signal: Dormant 1,433 BTC Moves After 10+ Years<\/a><\/p>\n Pitt\u2019s report states a<\/span>n enforcement action begins when the SEC files a lawsuit against an entity in a federal court. He also noted that commissioners that vote to bring an enforcement action are minimally involved once the litigation commences.<\/span><\/p>\n The former chairman clarified that once the SEC initiates legal proceedings, the commission’s role shifts to that of an advocate for its stance. <\/span>Also, he emphasized that the court holds the ultimate authority to determine if the asset in question qualifies as a security.<\/span><\/p>\n For context, Pitt died in Washington on May 30, 2023, at 78 years, due to a sudden illness. <\/span>He became the SEC Chairperson in 2001 but resigned after 18 months due to various corporate scandals, including the notorious Enron scandal.<\/span><\/p>\n Notably, Pitt served as the US Securities and Exchange Commission chairman under the reign of President George Bush.<\/span><\/p>\n It is worth noting that the lawsuit filed against Ripple by the SEC has lasted over two years, resulting in <\/span>Ripple spending<\/span><\/a> about $200 million to fight back.<\/span><\/p>\n The SEC accuses Ripple of selling an asset as an unregistered security, while Ripple says the asset should be seen as a digital currency rather than a security.<\/span><\/p>\nAlderoty Highlights Pitt’s Report on SEC Lawsuit Process<\/h2>\n
SEC vs. Ripple Legal Battle and Controversy Over Crypto Asset Securities<\/h2>\n