Ripple’s Chief Legal Officer Criticizes SEC’s Filing as “Hypocritical Pivot”
The U.S. Securities and Exchange Commission (SEC) has filed a memorandum to support its motion for an interlocutory appeal and reject Ripple’s request to dismiss the appeal. Ripple’s chief legal officer, Stuart Alderoty, has responded to the filing, calling it a “hypocritical pivot.” He accuses SEC Chairman Gary Gensler of hypocrisy and regulatory overreach, noting that Gensler previously claimed that the rules were clear and must be followed. Alderoty’s criticism is supported by federal judges who have described the SEC’s claims as arbitrary and capricious in other cases. Additionally, Ripple’s executive chairman, Chris Larsen, believes that the SEC’s policy of regulation by enforcement may soon come to an end. The SEC’s actions have faced backlash from lawmakers, policy experts, and crypto leaders who urge the regulatory body to adopt a more rational approach.
Hot Take: SEC’s Filing Exposes Inconsistency and Irrationality
The recent filing by the SEC in the case against Ripple has drawn criticism and accusations of hypocrisy. Ripple’s chief legal officer, Stuart Alderoty, points out the contradictory behavior of SEC Chairman Gary Gensler and the regulatory body’s attempt at regulatory overreach. The SEC’s filing comes after claiming that the rules are clear and must be followed, yet now urgently seeks an interlocutory appeal. This inconsistency has been noted by federal judges in other cases involving the SEC. The regulatory body’s actions have been deemed arbitrary and capricious, causing concern among lawmakers, policy experts, and leaders in the crypto industry. It is essential for the SEC to adopt a more rational and consistent approach to avoid stifling innovation and growth in the industry.
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