The General Counsel of Ripple shook hands with other stakeholders of crypto agencies to give their statement on SEC Chair’s Op-Ed publication.
Stuart Alderoty, the General Counsel, Ripple, is another one of crypto enthusiast who recently commented on SEC’s chairperson Gary Gensler’s Wall Street Journal (WSJ) Op-Ed publication. As per the statement given by Alderoty, Gensler’s latest Op-Ed article claims that the Securities and Exchange Commission does not concern with U.S. crypto traders, but instead its own visions. He rebuked the SEC for preferring to safeguard their own turf at the cost of endangering about 40 million American traders of the crypto industry.
“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 as per a report.
Alderoty observed that Gensler — in a roundabout way — termed the SEC as the primary controller for the cryptocurrency marketplace while assigning an inferior rank to other federal firms such as the Commodity Futures Trading Commission (CFTC).
He further said that Gensler’s upholding is also an offense to the cryptocurrency executive order made public by President Joe Biden in March this year, in which he indicated all federal firms to ally together for the sake of providing an effective and more efficient regulatory framework for the upcoming crypto exchanges.
This is also quite noteworthy that it is not the first instance that Alderoty will be blasting the SEC for its regulatory methods. As reported by certain relevant sources, Alderoty presented SEC’s lawsuit against Ripple as a cover-up for XRP traders, leading to a huge drop in the altcoin’s price after the charges were filed.