Ripple’s Chief Legal Officer Stuart Alderoty has raised serious concerns about the SEC’s misuse of taxpayer money in its failed enforcement actions. He criticized the regulatory approach of the SEC towards the cryptocurrency sector, accusing them of squandering government funds.
Alderoty took to social media to question the amount of tax dollars wasted by the SEC under Gensler’s leadership in attempting to overstep its legal boundaries. He highlighted a recent Fifth Circuit ruling that overturned the SEC’s request for private fund investors to disclose extensive information, which would have had a significant impact on artificial intelligence, cryptocurrency assets, and other market segments.
During a period of market volatility for XRP, the cryptocurrency associated with Ripple, Alderoty’s comments come as XRP’s value hovers around $0.5218, showing a slight decrease of 0.94% over the previous day but a 0.15% increase 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 social media, sparking both support and criticism, with some questioning the democratic nature of the movement.
In a related development, Ripple President Monica Long also challenged the SEC’s approach to the cryptocurrency sector at a conference in Amsterdam. For more information on Ripple (XRP), including guides on buying XRP, wallet tutorials, and the latest news, visit our website.