Ripple General Counsel Says SEC Chair is Now “We The People Problem”
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Alderoty has taken yet another jab at the SEC chairman.
In a tweet today, the General Counsel at Ripple Labs, Stuart Alderoty, slammed Gary Gensler, the United States Securities and Exchange Commission (SEC) chairman.
Alderoty asserts that Gensler considers the judicial process a weapon to be wielded. He added that the SEC boss sees Congressional oversight as a game of hide and seek. According to Ripple’s General Counsel, Gensler is no longer a cryptocurrency problem but a “We The People” problem.
For this SEC Chair the judicial process is a weapon to be wielded and Congressional oversight is a game of hide and seek. This isn’t a crypto problem, this is a “We The People” problem.
— Stuart Alderoty (@s_alderoty) May 12, 2023
Alderoty Repeatedly Slams Gensler and SEC
Alderoty has repeatedly criticized the Securities and Exchange Commission and its Chairman for their efforts to regulate the crypto industry. Ripple’s General Counsel believes Gensler is orchestrating a political power grab in order to become the appropriate regulator for the emerging market.
Meanwhile, Gensler does not seem to care about Alderoty’s backlash. He has consistently rejected the idea of establishing new and clear rules for the US crypto space. According to Gensler, the regulatory agency will always apply existing securities laws to crypto tokens.
For Gensler, most crypto assets, except Bitcoin, are securities. Based on this, the SEC boss expects crypto projects to “come in and register” to avoid facing enforcement actions from the agency.
However, Alderoty believes there is no part to registration with the regulator. He noted earlier that the SEC’s primary focus is to bully, bulldoze, and bankrupt innovation in the United States.
A case in point is Seattle-based crypto exchange Bittrex, which filed for Chapter 11 bankruptcy protection weeks after the SEC charged it with violating securities laws.
Chamber of Commerce Supports Coinbase Against SEC
It is worth noting that other top crypto stakeholders, including Coinbase CEO Brian Armstrong, have joined Alderoty in criticizing SEC’s adverse enforcement actions in the United States.
Interestingly, policymakers and non-crypto organizations are gradually standing with crypto companies in the fight against SEC’s “overreach.”
Yesterday, the United States Chamber of Commerce filed an amicus curiae (a friend of the court) brief supporting Coinbase’s case against the SEC.
Some of the arguments raised by the Chamber of Commerce include the fact that the SEC is destabilizing the digital asset regulatory environment, violating constitutional processes and fair notice rights, etc.
SEC vs. Ripple Lawsuit Nears Its End
Meanwhile, Alderoty shared his views amid the anxiety regarding the final resolution of the ongoing SEC vs. Ripple lawsuit. There is yet to be an exact date for the end of the case. However, Ripple expects the legal battle, which started in December 2020, to be resolved before the end of this year.
In an interview earlier this week, Ripple’s CEO Brad Garlinghouse disclosed that Judge Torres would issue her verdict within the next two to six months.