Ripple’s Chief Legal Officer, Stuart Alderoty, has raised concerns regarding the Securities and Exchange Commission’s (SEC) use of taxpayer money in unsuccessful enforcement actions. He criticized the SEC’s regulatory approach to the cryptocurrency industry, accusing them of misusing government funds.
In a recent statement, Alderoty questioned the amount of tax dollars wasted by the SEC’s attempts to overstep its legal jurisdiction under Gary Gensler’s leadership. He highlighted a significant Fifth Circuit ruling that overturned the SEC’s request for private fund investors to disclose detailed information. This decision saved artificial intelligence, cryptocurrency assets, and other market sectors from potential disruption.
Alderoty’s comments come at a time of market volatility for XRP, Ripple’s associated cryptocurrency. Despite XRP’s current value of around $0.5218, with a slight decrease of 0.94% in the last day and a 0.15% increase over the past week, concerns about regulatory actions continue to loom over the industry.
Following President Joe Biden’s positive stance on cryptocurrency, Ripple Labs Inc. CEO Brad Garlinghouse called for Gary Gensler’s removal as SEC Chairman. Garlinghouse’s “Fire Gensler” campaign on social media sparked a debate on Gensler’s leadership and the democratic process.
In a related event, Ripple President Monica Long also criticized the SEC’s approach to the cryptocurrency sector at a recent conference in Amsterdam. As the industry faces ongoing challenges and uncertainties, stakeholders are closely monitoring regulatory developments to protect their investments and innovations.
