Ripple legal counsel Stuart Alderoty took to Twitter to criticize the US Securities and Exchange Commission (SEC) for its approach to cryptocurrency regulation
Ripple’s legal counsel, Stuart Alderoty, took to Twitter to criticize the US Securities and Exchange Commission (SEC), saying it had lost four of its last five Supreme Court cases.
He attributed the victories to those who had the courage and resources to fight back against the SEC’s “bullying” tactics and its extension of legal positions that were not faithful to the law.
This tweet follows several other comments from Alderoty criticizing the SEC’s approach to cryptocurrency regulation. In September 2022, he accused the SEC of orchestrating a “political power grab” and dismissed the idea that cryptocurrencies require specific regulation.
Alderoty also argued that the SEC’s strategy is to attack various projects with its “regulation-by-enforcement” approach to extend its reach beyond the realm of securities.
In February 2023, Alderoty interviewed SEC Chairman Gary Gensler, suggesting he might be a “political liability” for Chairman Joe Biden due to his harsh anti-crypto stance.
The comment came after the SEC’s enforcement action against crypto exchange Kraken resulted in a $30 million fine. Gensler warned other platforms to “take notice” of Kraken’s recent decision to shut down its staking service in the country.
The SEC’s enforcement actions against Kraken and Ripple have made some industry players concerned about the future of crypto regulation in the United States. The crypto industry is hoping for more clarity and a more supportive regulatory environment.