Ripple’s Chief Legal Officer Criticizes SEC’s Filing as “Hypocritical Pivot”
The United States Securities and Exchange Commission (SEC) has filed a memorandum to facilitate 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, keeping in mind that Gensler previously argued that the regulations were clear and must be followed. Alderoty’s criticism is supported by federal judges who have stated the SEC’s states as arbitrary and capricious in other cases. In addition, 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 specialists, and cryptocurrency 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, notes that 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 regulations 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 between lawmakers, policy specialists, and leaders in the cryptocurrency 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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