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. He 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 under Gary Gensler’s leadership in their attempts to expand their jurisdiction beyond what is allowed by law. He highlighted a Fifth Circuit ruling that overturned the SEC’s request for private fund investors to disclose extensive information, warning of the potential negative impact on artificial intelligence, cryptocurrency assets, and other market sectors had the SEC been successful.
Alderoty’s criticism comes at a time of market volatility for Ripple’s cryptocurrency, XRP, which is currently valued at around $0.5218, showing a slight decrease of 0.94% from the previous day but a 0.15% increase over the last 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’s “Fire Gensler” campaign on social media sparked a heated debate, with some viewing it as an attack on democracy. In a related development, Ripple President Monica Long also challenged the SEC’s approach to the cryptocurrency sector at a recent conference in Amsterdam.
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