SEC’s Bias Against Cryptocurrency
Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), has come under fire from Ripple’s chief legal officer, Stuart Alderoty. Alderoty criticized Gensler for prejudging the entire cryptocurrency sector in his recent remarks before the 2023 Securities Enforcement Forum.
Alderoty highlighted that the SEC sued Ripple but never charged it with dishonesty, indicating a bias against the cryptocurrency industry. He also pointed out that the SEC had prejudged the failed case against Ripple, starting with the ethically compromised Bill Hinman, whose speech was crucial in Ripple’s defense.
Alderoty accused Gensler of presuming the guilt of the cryptocurrency industry and filing lawsuits against other crypto businesses without proper investigation, citing the case of crypto trading platform Binance.
SEC’s ‘Meetings with a Felon’
Alderoty also criticized the SEC for its lack of transparency and failure to share information about its meetings with Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX. He compared Gensler to a fictional movie villain, Colonel Nathan R. Jessup, symbolizing institutional indoctrination.
Meanwhile, XRP, the token at the center of the court battle between Ripple and the SEC, was trading at $0.6253 at press time, showing fluctuations in its value over different time frames.
Hot Take: Ripple’s Legal Battle Exposes SEC’s Bias
The ongoing legal battle between Ripple and the SEC has brought to light the regulator’s bias against the cryptocurrency industry. Stuart Alderoty’s criticism of Gary Gensler’s prejudgment and lack of transparency underscores the challenges faced by crypto businesses in dealing with regulatory authorities.
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