coinedition.com
Ripple General Counselor Stuart Alderoty calls for Congressional oversight of the Securities and Exchange Commission (SEC) as 2022 has been a disastrous year for crypto. Alderoty raises concerns about the role of the SEC that plagued the crypto industry.
I laid out a few thoughts today in @FortuneMagazine on the need for congressional oversight of the SEC after the recent collapses of BlockFi and FTX (among others): https://t.co/Z91Hk48fsc
— Stuart Alderoty (@s_alderoty) January 11, 2023
In an article, Alderoty states, “SEC continues to elevate its own quest for power over sound policy, denoting the SEC Chairperson Gary Gensler’s request for a bigger budget without revealing the practical implications.
Furthermore, he comments:
The SEC does not have free rein to make new laws and it does not have the expansive jurisdiction over crypto that it purports to have.
In December 2020, the SEC filed a lawsuit against Ripple alleging that they raised $1.3 billion in unregistered digital-asset securities. The battle has been an ongoing one since then.
As Alderoty jestingly states “At Ripple, where I serve as the General Counsel, we have just passed the two-year anniversary of our ongoing litigation with the SEC to resolve some fundamental questions about the limits of the SEC’s jurisdiction.”
Alderoty questions the self-proclaimed “top crypto cop” if they are making things better or worse while prompting the Congress who has the authority, more importantly, the responsibility, to oversee the SEC.
The highlights fall on the perspective of how the SEC has slammed these crypto companies with cases and collected hefty fines from them with money belonging to their customers. Now being bankrupt they have no means to return the right amount to whom it may belong.
Alderoty concludes his observations by stating that Congress is entitled to information to ensure that unelected bureaucrats are not abusing their power and diminishing Congress’ role in shaping national legislation.