Ripple General Counsel Slams SEC For Prioritizing Protecting Its Turf At the Expense of American Crypto Investors

Ripple’s General Counsel joins other crypto stakeholders to comment on SEC Chair’s Op-Ed article.

Stuart Alderoty, the General Counsel at Ripple, is the latest cryptocurrency enthusiast to comment on SEC’s Gary Gensler’s Wall Street Journal (WSJ) Op-Ed article. 

According to Alderoty, Gensler’s recent Op-Ed article suggests that the Securities and Exchange Commission does not care about American cryptocurrency investors, but rather its personal goal. He blasted the SEC for prioritizing the protection of its turf at the expense of more than 40 million American investors in crypto. 

“What we need is regulatory clarity for crypto, not the SEC swinging its billy club to protect its turf at the expense of the more than 40 million Americans in the crypto economy,” Alderoty said in a statement. 

Alderoty noted that Gensler indirectly appointed the SEC as the frontrunner regulator for the cryptocurrency industry while relegating other federal agencies like Commodity Futures Trading Commission (CFTC). 

He added that Gensler’s assertion is also an affront to President Joe Biden’s cryptocurrency executive order released in March, where he directed all federal agencies to collaborate and provide a clear regulatory framework for the emerging assets. 

Notably, this is not the first time Gensler will be slamming the SEC for its regulatory tactics. As reported by TheCryptoBasic, Alderoty described SEC’s lawsuit against Ripple as a rug pull on XRP investors, following the massive dip of the coin’s value after the charges were filed.