Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has raised concerns about the US Securities and Exchange Commission’s (SEC) use of taxpayer money in unsuccessful enforcement actions. He criticized the SEC’s regulatory approach towards the cryptocurrency industry, accusing the organization of misusing government funds.
In a recent statement on his X account, Alderoty questioned the amount of tax dollars wasted by the SEC’s attempts, under Gary Gensler’s leadership, to overstep its legal boundaries. The Fifth Circuit ruling on June 5, which overturned the SEC’s request for private fund investors to disclose detailed information, served as a basis for Alderoty’s criticism. Had the SEC been successful, various market segments including artificial intelligence and cryptocurrency assets would have been significantly impacted.
Alderoty’s comments come amidst market volatility for XRP, Ripple’s associated cryptocurrency, which is currently valued at approximately $0.5218 according to CoinMarketCap. Despite a 0.94% decrease over the previous day, XRP has seen a 0.15% increase in value over the past week.
Following President Joe Biden’s apparent support for cryptocurrency, Ripple Labs Inc. CEO Brad Garlinghouse called for the removal of SEC Chairman Gary Gensler. Garlinghouse initiated a “Fire Gensler” campaign on X, receiving both approval and criticism for his stance, with some viewing it as undemocratic.
In a related development, Ripple President Monica Long had previously questioned the SEC’s approach to the cryptocurrency industry during the Money20/20 conference in Amsterdam. For more information on Ripple (XRP), including buying guides, wallet tutorials, and price updates, visit CNF’s website.
