Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has raised concerns about the misuse of taxpayer money in unsuccessful enforcement actions carried out by the US Securities and Exchange Commission (SEC). Questioning the SEC’s regulatory approach towards the cryptocurrency industry, Alderoty criticized the Commission for allegedly exceeding its legal jurisdiction and wasting government funds.
In a recent statement on his X account, Alderoty questioned the amount of tax dollars that have been squandered by the SEC under Gary Gensler’s leadership in its attempts to extend its authority beyond legal boundaries. The criticism comes in light of a significant Fifth Circuit ruling on June 5, where the SEC’s request for detailed disclosures from private fund investors was overturned. Had the SEC succeeded, it would have had a substantial impact on artificial intelligence, cryptocurrency assets, and other market segments.
Alderoty’s remarks coincide with a period of market volatility for XRP, Ripple’s associated cryptocurrency, which is currently valued at approximately $0.5218, experiencing a 0.94% decrease from the previous day but a 0.15% increase over the last week.
Following President Joe Biden’s apparent endorsement of cryptocurrency, Ripple Labs Inc. CEO Brad Garlinghouse called for the removal of SEC Chairman Gary Gensler. Garlinghouse initiated a “Fire Gensler” campaign on X, which sparked both support and criticism, with some viewing it as an undemocratic move. Additionally, Ripple President Monica Long had previously questioned the SEC’s approach to the cryptocurrency sector at the Money20/20 conference in Amsterdam.
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