Ripple’s Chief Legal Officer, Stuart Alderoty, has raised concerns about the wastage of taxpayer money in unsuccessful enforcement actions by the US Securities and Exchange Commission (SEC). He criticized the SEC’s regulatory approach in the cryptocurrency sector, accusing them of misusing government funds.
Alderoty took to social media to question the amount of tax dollars being squandered by the SEC under Gary Gensler’s leadership in attempts to overstep legal boundaries. He highlighted a recent Fifth Circuit ruling that overturned the SEC’s request for private fund investors to provide extensive disclosures, warning of the potential impact on artificial intelligence, cryptocurrency assets, and other market segments.
His comments come amidst market volatility for XRP, the cryptocurrency associated with Ripple, which is currently valued at $0.5218, showing a slight decrease of 0.94% over the previous day but a 0.15% increase over the past week.
Following President Joe Biden’s positive stance on cryptocurrency, Ripple Labs Inc. CEO, Brad Garlinghouse, called for the removal of SEC Chairman Gary Gensler. Garlinghouse initiated a campaign on social media to “Fire Gensler,” sparking a debate on the democratic implications of such demands.
In line with these developments, Ripple President Monica Long also expressed skepticism about the SEC’s approach to the cryptocurrency industry at a recent conference in Amsterdam. For more information on Ripple (XRP), including buying guides, wallet tutorials, and the latest news, visit our website.
