Ripple Wants to Limit SEC’s Crypto Sway as Legal Fight Rages (2)

Ripple Labs Inc., which is locked in a bitter court battle with the U.S. Securities and Exchange Commission, has an unsurprising recommendation for Washington policy makers: limit the regulator’s role in policing cryptocurrencies.

“The SEC’s approach under the current administration has been hostile,” Stuart Alderoty, Ripple’s general counsel, said in an interview. The agency is “doubling down on regulation by enforcement,” rather than setting clear rules, he added.

On Tuesday, Ripple released a paper that calls on regulators, lawmakers and the industry to come up with a framework for overseeing the white-hot market. Ripple, whose payment network uses ...