Ripple’s Chief Legal Officer Criticizes SEC
The chief legal officer of Ripple, Stuart Alderoty, took to social media to criticize the U.S. Securities and Exchange Commission (SEC). He referred to an article in the Wall Street Journal that highlighted the Supreme Court’s repeated rulings against the SEC. Alderoty stated that the regulator is far from infallible and described it as “bloated, broken, and beleaguered.” He also advised investors to not be intimidated when dealing with the SEC.
Support for Alderoty’s Statement
Lawyer John Deaton supported Alderoty’s statement, sharing his own experience of suing the SEC. Deaton mentioned that the SEC excels at intimidating people due to its access to unlimited resources. He encouraged people to fight back against government oppression and intrusion.
Recent Legal Losses for the SEC
The SEC has recently faced multiple legal defeats in cases against crypto companies. Alderoty highlighted three consecutive wins for Ripple Labs, including a decision ruling that XRP is not a security, the denial of the SEC’s appeal, and the dropping of the lawsuit against Ripple CEO and co-founder. The SEC also lost a lawsuit against Grayscale Investments regarding the conversion of its bitcoin trust into an ETF.
Criticism of SEC Chairman Gary Gensler
The SEC Chairman, Gary Gensler, has faced criticism for his enforcement-focused approach to regulating the crypto industry. Many believe that his view of the industry as rife with fraudsters and non-compliant parties is too narrow. The SEC recently sued Kraken for the second time this year, and there is a bill in Congress seeking to remove Gensler as the chair of the SEC.
Hot Take: Challenging the SEC’s Authority
Ripple’s chief legal officer, Stuart Alderoty, openly criticizes the U.S. Securities and Exchange Commission (SEC), labeling it as “bloated, broken, and beleaguered.” Alderoty advises investors to not be intimidated when dealing with the regulator, emphasizing that the SEC is far from infallible. His statement is supported by lawyer John Deaton, who emphasizes the need to fight back against government oppression. The SEC has faced significant legal losses against crypto companies, and its enforcement-centric approach has drawn criticism from many within the industry. With ongoing scrutiny of the SEC Chairman, there is a growing call for change within the regulatory agency.
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