Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has raised concerns about the misuse of taxpayer money by the US Securities and Exchange Commission (SEC) in failed enforcement actions. Alderoty criticized the SEC’s regulatory approach to the cryptocurrency industry, accusing them of overstepping their legal boundaries and wasting government funds.
In a recent tweet, Alderoty questioned the amount of tax dollars that have been squandered by the SEC’s unsuccessful attempts to expand its jurisdiction beyond what is permitted by law. He pointed to a recent Fifth Circuit ruling that overturned the SEC’s request for private fund investors to disclose detailed information, highlighting the potential impact on artificial intelligence, cryptocurrency assets, and other market segments.
Alderoty’s comments come at a time of market volatility for XRP, the cryptocurrency associated with Ripple, which is currently valued at approximately $0.5218 according to CoinMarketCap. Despite a slight decrease over the previous day, XRP has seen a modest increase of 0.15% over the past week.
Following President Biden’s apparent support for cryptocurrency, Ripple Labs Inc. CEO Brad Garlinghouse called for the removal of SEC Chairman Gary Gensler. Garlinghouse initiated a discussion on X titled “Fire Gensler,” which received both strong support and criticism, with some questioning the democratic implications of such a demand.
In related news, Ripple President Monica Long previously challenged the SEC’s approach to the cryptocurrency industry at the Money20/20 conference in Amsterdam. For more information on Ripple and XRP, check out our recommended guides and news updates.