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HomeCrypto NewsMarketRipple General Counsel Says SEC Chair is Now “We The People Problem”  

Ripple General Counsel Says SEC Chair is Now “We The People Problem”  

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Alderoty has taken yet another jab at the SEC chairman.

In a tweet today, the General Counsel at Ripple Labs, Stuart Alderoty, slammed Gary Gensler, the United States Securities and Exchange Commission (SEC) chairman.  

Alderoty asserts that Gensler considers the judicial process a weapon to be wielded. He added that the SEC boss sees Congressional oversight as a game of hide and seek. According to Ripple’s General Counsel, Gensler is no longer a cryptocurrency problem but a “We The People” problem.

Alderoty Repeatedly Slams Gensler and SEC 

Alderoty has repeatedly criticized the Securities and Exchange Commission and its Chairman for their efforts to regulate the crypto industry. Ripple’s General Counsel believes Gensler is orchestrating a political power grab in order to become the appropriate regulator for the emerging market. 

Meanwhile, Gensler does not seem to care about Alderoty’s backlash. He has consistently rejected the idea of establishing new and clear rules for the US crypto space. According to Gensler, the regulatory agency will always apply existing securities laws to crypto tokens.

For Gensler, most crypto assets, except Bitcoin, are securities. Based on this, the SEC boss expects crypto projects to “come in and register” to avoid facing enforcement actions from the agency.

However, Alderoty believes there is no part to registration with the regulator. He noted earlier that the SEC’s primary focus is to bully, bulldoze, and bankrupt innovation in the United States.

A case in point is Seattle-based crypto exchange Bittrex, which filed for Chapter 11 bankruptcy protection weeks after the SEC charged it with violating securities laws. 

Chamber of Commerce Supports Coinbase Against SEC 

It is worth noting that other top crypto stakeholders, including Coinbase CEO Brian Armstrong, have joined Alderoty in criticizing SEC’s adverse enforcement actions in the United States.

Interestingly, policymakers and non-crypto organizations are gradually standing with crypto companies in the fight against SEC’s “overreach.” 

Yesterday, the United States Chamber of Commerce filed an amicus curiae (a friend of the court) brief supporting Coinbase’s case against the SEC.

Some of the arguments raised by the Chamber of Commerce include the fact that the SEC is destabilizing the digital asset regulatory environment, violating constitutional processes and fair notice rights, etc.

SEC vs. Ripple Lawsuit Nears Its End

Meanwhile, Alderoty shared his views amid the anxiety regarding the final resolution of the ongoing SEC vs. Ripple lawsuit. There is yet to be an exact date for the end of the case. However, Ripple expects the legal battle, which started in December 2020, to be resolved before the end of this year.

In an interview earlier this week, Ripple’s CEO Brad Garlinghouse disclosed that Judge Torres would issue her verdict within the next two to six months.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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