Ripple CLO and XRP Lawyer Accuse SEC Chair Gary Gensler of Fraud and Manipulation
Ripple’s chief legal officer, Stuart Alderoty, and XRP advocate John E. Deaton have criticized SEC Chair Gary Gensler for his anti-crypto comments and his belief that applying securities laws to the crypto industry will prevent fraud and manipulation. Alderoty condemns Gensler for disrespecting court decisions while Ripple fights for regulatory clarity in the U.S. Meanwhile, Deaton accuses the SEC of fraud and manipulation, emphasizing the need for investor protection against the agency’s anti-crypto stance.
Regulations and Hypocrisy of the US SEC
In the Grayscale lawsuit, federal judges have deemed the SEC’s claims “arbitrary and capricious,” while in the Ripple lawsuit, Judge Netburn described the agency’s positions as hypocritical. The SEC has failed to address its authority and has made inconsistent arguments regarding interlocutory appeal requirements. Stuart Alderoty considers the SEC’s interlocutory appeal filing hypocritical and ineffective.
Hot Take: Allegations of Fraud and Corruption at the SEC
John E. Deaton plans to bring Ethereum advisor Steven Nerayoff on CryptoLawTV to discuss shocking allegations surrounding Ethereum’s ICO and corruption within the SEC. The accusations highlight the need for regulations to protect people from fraud and manipulation, as demonstrated by a significant loss of US household wealth during the housing crisis caused by regulated institutions.
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