Ripple’s Chief Legal Officer, Stuart Alderoty, has raised concerns about the Securities and Exchange Commission’s (SEC) use of taxpayer money in failed enforcement actions. He criticized the SEC’s regulatory approach towards the cryptocurrency industry, accusing them of misusing government funds.
In a recent statement on his social media account, Alderoty questioned the amount of tax dollars wasted by the SEC in its attempts to expand its jurisdiction beyond legal boundaries under Gary Gensler’s leadership. The SEC’s regulatory strategy under Gensler has faced growing criticism, especially after a major Fifth Circuit ruling on June 5 overturned the SEC’s request for private fund investors to disclose detailed information. Had the SEC succeeded, it would have had a significant impact on artificial intelligence, cryptocurrency assets, and other market sectors.
Alderoty’s comments come at a time of market volatility for XRP, the cryptocurrency associated with Ripple. XRP’s current value is approximately $0.5218, showing a 0.94% decrease from the previous day but a 0.15% increase over the last week.
Following President Biden’s apparent support for cryptocurrency, Ripple Labs Inc. CEO Brad Garlinghouse called for SEC Chairman Gary Gensler’s dismissal. Garlinghouse initiated a “Fire Gensler” campaign on social media, sparking both support and criticism, with some viewing it as anti-democratic.
Additionally, Ripple President Monica Long previously questioned the SEC’s approach towards the cryptocurrency sector at a conference in Amsterdam. This development comes amidst ongoing discussions and debates within the crypto community regarding regulatory actions and their impact on the industry.