Rippleโs Chief Legal Officer Criticizes SECโs Filing as โHypocritical Pivotโ
The Unitedย States Securities and Exchange Commission (SEC) has filed a memorandum toย facilitate its motion for an interlocutory appeal and reject Rippleโs request to dismiss the appeal. Rippleโs chief legal officer, Stuart Alderoty, has responded to the filing, calling it a โhypocritical pivot.โ He accuses SEC Chairman Gary Gensler of hypocrisy and regulatory overreach, keepingย inย mindย that Gensler previously arguedย that the regulations were clear and must be followed. Alderotyโs criticism is supported by federal judges who have stated the SECโs states as arbitrary and capricious in other cases. Inย addition, Rippleโs executive chairman, Chris Larsen, believes that the SECโs policy of regulation by enforcement may soon come to an end. The SECโs actions have faced backlash from lawmakers, policy specialists, and cryptocurrency leaders who urge the regulatory body to adopt a more rational approach.
Hot Take: SECโs Filing Exposes Inconsistency and Irrationality
The recent filing by the SEC in the case against Ripple has drawn criticism and accusations of hypocrisy. Rippleโs chief legal officer, Stuart Alderoty, notesย that the contradictory behavior of SEC Chairman Gary Gensler and the regulatory bodyโs attempt at regulatory overreach. The SECโs filing comesย 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 bodyโs 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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