Secondly, Alderoty pointed out an instance where the Supreme Court was informed that the SEC declined to participate in a lower court’s inquiry on whether syndicated loans, a massive $3 trillion industry led by JPMorgan Chase, should be classified as securities. This decision came after intense lobbying from large banks, as mentioned in Kirschner v. JPMorgan Chase.
A "troubling pattern" for the SEC
As reported by U.Today, Alderoty recently spotlighted a concerning pattern of behavior by the SEC.
He pointed to instances of the SEC being accused of hypocrisy, failing to show lawful allegiance, neglecting its duties in crypto rulemaking, and treating similar cases inconsistently.
Additionally, the SEC faced criticism for potentially misleading court representations.
Alderoty's predictions for 2024
Looking forward to 2024, Alderoty shared his predictions regarding the future of cryptocurrency regulation in the U.S. He foresees the culmination of Ripple's ongoing legal struggle with the SEC but cautions against the agency's continued practice of regulation through enforcement. Alderoty predicts that judges will increasingly become the bulwark against SEC overreach, possibly culminating in a major Supreme Court case.
However, he also anticipates a legislative deadlock, with Congress agreeing in principle on the need for crypto regulation but remaining divided over the specifics.
This impasse, as Alderoty fears, will leave U.S. crypto firms in a challenging position while other countries progress in establishing clear regulatory frameworks.
u.today
