Ripple’s Chief Legal Officer, Stuart Alderoty, has raised concerns about the wasteful use 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 sector, accusing them of overstepping their legal boundaries and misusing 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 permitted by law. This criticism comes in the wake of a major Fifth Circuit ruling that overturned the SEC’s request for private fund investors to disclose detailed information, a decision that could have had significant implications for artificial intelligence, cryptocurrency assets, and other market segments.
Against the backdrop of market volatility for XRP, the cryptocurrency associated with Ripple, Alderoty’s remarks highlight growing dissatisfaction with the SEC’s handling of the industry. Ripple’s CEO, Brad Garlinghouse, has even called for Gensler’s removal following President Biden’s apparent support for cryptocurrency.
In addition, Ripple’s President, Monica Long, has previously questioned the SEC’s approach to the cryptocurrency sector at a conference in Amsterdam. As XRP continues to fluctuate in value, with a slight decrease over the past day but a small increase over the week, the debate over the SEC’s regulatory actions in the cryptocurrency space intensifies.
As the industry awaits further developments, the tension between Ripple and the SEC remains a focal point of discussion in the cryptocurrency community.
