Stuart Alderoty pointed out the overreach of the SEC

Ripple Legal Counsel Stuart Alderoty pointed out the overreach of the SEC.

Ripple Legal Counsel Stuart Alderoty on twitter pointed out the overreach of the SEC. First of all, he noted:

The SEC argued in LBRY: «Even if a fraction of people» buy a token for «investment purposes, you’re in securities land». Does every jeweler now book a one way ticket to “securities land” because a “fraction” of their customers are “investing” in the oldest commodity – gold?!

Further he continued:

The SEC keeps relegating the CFTC to the kids’ table. That’s their regulation by enforcement strategy – attack projects w/ varying resources so they can expand their jurisdiction beyond «securities» by telling judges w/a straight face we’re the government so we must be right. Time for the industry to lock arms and defend this overreach together.