Ripple’s Legal Counsel Denounces SEC’s “Bullying Tactics”
Ripple’s legal counsel, Stuart Alderoty, has taken to Twitter to criticize the US Securities and Exchange Commission (SEC) for its approach to regulating cryptocurrencies.
Ripple’s legal advisor Stuart Alderotti took to Twitter to criticize the US Securities and Exchange Commission (SEC), saying it has lost four of its last five cases in the Supreme Court.
He credited the victory to those who had the courage and resources to fight back against the SEC’s “bullying” tactics and legal positions that were not loyal to the law.
The tweet follows several other comments by Alderoty criticizing the SEC’s approach to regulating cryptocurrencies. In September 2022, he accused the SEC of a “political power grab” and rejected the idea that cryptocurrencies require specific regulations.
Alderoty also argued that the SEC’s strategy is to expand its reach beyond the securities realm by attacking various projects with a “regulation by enforcement” approach.
In February 2023, Alderoty took a dig at SEC Chairman Gary Gensler, suggesting that he may be a “political liability” to President Joe Biden because of his hardline anti-crypto stance.
The comments came after the SEC’s enforcement action against crypto exchange Kraken resulted in a $30 million fine. Gensler warned other platforms to “pay attention” to Kraken’s recent move to halt its staking service in the country.
The SEC’s enforcement actions against Kraken and Ripple have some in the industry worried about the future of crypto regulation in the United States. The crypto industry is hoping for more clarity and a more favorable regulatory environment.