Ripple's chief legal officer Stuart Alderoty says the term is “fabricated” with no legal basis.
Ripple Labs' chief legal officer has taken aim at the United States Securities and Exchange Commission (SEC) repeated use of the phrase "crypto asset security", arguing its a fabricated term with no legal grounding.
In a recent Aug. 30 filing, the SEC warned it could challenge any plan by defunct crypto exchange FTX to use stablecoins in repaying creditors, with the regulator noting its portfolio has "crypto asset securities."
Ripple's top lawyer, Stuart Alderoty, argues the SEC is trying to “deceive judges” by using the term.
