Ripple General Counsel Says SEC Chair Cannot “Appoint Himself As Cop On the Beat for Crypto”
Alderoty takes yet another swipe at SEC’s boss.
The Securities and Exchange Commission (SEC) has been heavily criticized for its regulatory approach in the cryptocurrency industry, which many believe has continued to impede the emerging market growth.
One of the cryptocurrency players who have constantly kicked against the SEC’s crypto regulatory approach is Stuart Alderoty, Ripple’s General Counsel. In a recent POLITICO Live interview, Alderoty spoke about the regulatory uncertainty of the U.S. cryptocurrency industry, especially SEC Chair Gary Gensler’s overreach in the sector.
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Alderoty Slams Gensler
Gensler had claimed that Bitcoin is the only cryptocurrency he believes to be out of the SEC’s jurisdiction. Thus, suggesting that all crypto assets aside from Bitcoin are security and should be regulated by the agency.
Responding to these claims, Alderoty said he is unaware of any election in the crypto space that resulted in the appointment of the SEC as the cop on the beat for crypto.
“Well, I don’t remember anyone holding an election for the cop on the beat for crypto. I don’t remember Congress appointing Gary Gensler as the cop on the beat for crypto.” Alderoty said, “You [Gensler] cannot self-appoint yourself as the cop on the beat for crypto.”
Unclear Crypto Regulations in the U.S.
Alderoty said the United States crypto space had faced regulatory uncertainty for years compared to other sophisticated economic centers like Singapore, the United Kingdom, and Dubai.
The Ripple General Counsel added that the United States has been promoting politics and power over sound policies via the SEC, which has continued to hurt innovators, entrepreneurs, and retail investors.
“What we’re doing here in the U.S., I think principally through the SEC as an institution, is that we’re elevating politics and power over sound policy. Doing this, you’re not only hurting innovation, innovators, and entrepreneurs like Ripple, you’re also hurting the retail holders of these assets because one in five Americans own or have interacted with cryptos,” Alderoty said.
Alderoty had previously slammed the SEC for the massive loss the agency brought upon investors following its lawsuit against Ripple. He described the legal battle as a rug pull against XRP investors.
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