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 incor
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