Ripple General Counsel Stu Alderoty is calling out the U.S. Securities and Exchange Commission (SEC) for what he sees as deliberately muddying crypto regulations.
In a new commentary published for Fortune, Alderoty discusses the ripple effects of a speech made by William Hinman in 2018.
At the time of the speech, Hinman served as the Director of Corporate Finance at the SEC. In the speech, Hinman claimed Ethereum (ETH) was not a security, which some view as a contradiction to previously laid out SEC guidelines.
In Alderoty’s latest remarks, the Ripple general counsel argues Hinman’s speech had tangible effects on the crypto markets, intended or not.
“Despite disclaimers that the speech was Hinman’s personal opinion and ‘not necessarily that of the Commission,’ the market took Hinman’s speech