Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has raised serious concerns about the US Securities and Exchange Commission (SEC) wasting taxpayer money on failed enforcement actions. Alderoty criticized the SEC’s regulatory approach to the cryptocurrency sector, accusing them of misusing government funds.
In a recent tweet, Alderoty questioned the amount of tax dollars that have been squandered by the SEC’s unsuccessful attempts to overstep its legal boundaries under Gary Gensler’s leadership. He called out the SEC for trying to expand its jurisdiction beyond what the law permits.
Alderoty’s criticism comes in the wake of a significant Fifth Circuit ruling on June 5, where the SEC’s request for private fund investors to provide detailed disclosures was overturned by the court. Had the SEC been successful, it would have had a profound impact on artificial intelligence, cryptocurrency assets, and other market segments.
Amidst market volatility for XRP, Ripple’s associated cryptocurrency, which is currently valued at around $0.5218, Alderoty’s comments have sparked fresh criticism of the SEC’s regulatory tactics. Ripple CEO Brad Garlinghouse even called for the removal of Gary Gensler as SEC Chairman, following President Joe Biden’s apparent support for cryptocurrency.
Additionally, Ripple President Monica Long had previously questioned the SEC’s approach to the cryptocurrency sector at the Money20/20 conference in Amsterdam. The ongoing debate surrounding the SEC’s regulatory actions continues to draw attention and criticism within the cryptocurrency community.
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