As the lawsuit between Ripple and SEC drags on, more American politicians have come out to express their views

The SEC’s lawsuit against Ripple has generated a lot of strong discussion from stakeholders on both sides. As the case drags on, many US politicians have come forward to express their views on the case and crypto regulations in general.

Ripple writes to U.S Senator on regulatory havoc and confusion

Recently, in a statement dated September 25, Ripple responded to Senator Patrick Toomey’s request for feedback on the clarity of cryptocurrencies and blockchain technology laws. In the letter, Ripple criticized the current regulatory landscape and offered suggestions for achieving optimal outcomes.

Ripple’s General Counsel, Stuart Alderoty, shared a link to the letter and thanked Toomey for engaging with the industry.

as-the-lawsuit-between-ripple-and-sec-drags-on-more-american-politicians-have-come-out-to-express-their-views

Source: Stuart Alderoty

It’s worth noting that Senator Toomey has also called for clear guidelines from the SEC on the subject. But, what did Ripple say?

Writing about the need for a clear regulatory framework, Ripple stated:

“…regulation by enforcement, the preferred approach by regulators within the United States, has served only to wreak havoc and confusion in the cryptocurrency marketplace and ultimately hurt consumers, markets and innovation.”

Ripple then proposed SEC Commissioner Hester Peirce’s three-year innovation sandboxes and safe harbor so network developers could launch their products. This will allow time to reach network maturity.

Next, Ripple proposes a public-private partnership with regulators and industry stakeholders to build a rational, holistic framework for crypto and blockchain. Finally, according to the blockchain firm, the Senate should consider some existing legislative efforts related to crypto-innovation and regulations in the USA.

But the SEC didn’t stop either; as AZCoin News reported, the agency has filed an objection to Ripple’s letter requesting that three additional documents be reviewed in-camera based on a privilege log provided by the Commission after the August 31, 2021 telephone conference.

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