Ripple’s General Counsel Criticizes SEC For Prioritizing Protecting Its Territory At The Expense Of US Crypto Investors

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Ripple’s General Counsel Criticizes SEC For Prioritizing Protecting Its Territory At The Expense Of US Crypto Investors
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Ripple’s General Counsel joins other crypto stakeholders in commenting on the SEC Chairman’s opinion piece.

Stuart Alderoty, Ripple’s general counsel, is latest cryptocurrency enthusiast to comment on the Wall Street Journal (WSJ) opinion piece by SEC’s Gary Gensler.

According to Alderoty, Gensler’s recent op-ed piece suggests that the Securities and Exchange Commission doesn’t care about U.S. cryptocurrency investors, but rather their personal purpose. He lambasted the SEC for prioritizing protecting its turf over more than 40 million U.S. crypto investors.

“What we need is regulatory clarity for crypto, not the SEC swinging its billy club to protect its turf at the expense of the more than 40 million Americans in the crypto economy,” Alderoty said in a statement.

Alderoty noted that Gensler indirectly named the SEC as the peak regulator for the cryptocurrency industry while relegating other federal agencies like the Commodity Futures Trading Commission (CFTC).

He added that Gensler’s assertion is also an affront to President Joe Biden’s Cryptocurrency Executive Order issued in March, in which he ordered all federal agencies to collaborate and provide a clear regulatory framework for cryptocurrency. emerging assets.

Notably, this isn’t the first time Gensler has criticized the SEC for its regulatory tactics. As reported by TheCryptoBasic, Alderoty described SEC lawsuit against Ripple as a carpet for XRP investorsfollowing the massive drop in value of the coin after the charges were filed.

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Content is for informational purposes only and may include the personal opinion of the author, and does not necessarily reflect the opinion of TheCryptoBasic. All financial investments, including crypto, carry significant risk, so always do your thorough research before investing. Never invest money that you cannot afford to lose; the author or publication assumes no responsibility for your financial loss or gain.

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