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 digital currency 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 digital currency industry. He likewise noted that the SEC had prejudged the failed case against Ripple, beginning with the ethically compromised Bill Hinman, whose speech was critical in Ripple’s defense.
Alderoty accused Gensler of presuming the guilt of the industry of digital currency and filing lawsuits against other cryptocurrency enterprises without proper investigation, citing the case of cryptocurrency trading platform Binance.
SEC’s ‘Meetings with a Felon’
Alderoty likewise 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 cryptocurrency exchange FTX. He compared Gensler to a fictional movie villain, Colonel Nathan R. Jessup, symbolizing institutional indoctrination.
In the meantime, XRP, the token at the center of the court battle between Ripple and the SEC, was currently worth $0.6253 at the time of publication, showing fluctuations in its price 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 digital currency industry. Stuart Alderoty’s criticism of Gary Gensler’s prejudgment and lack of transparency underscores the challenges faced by cryptocurrency enterprises in dealing with regulatory authorities.
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