Gary Gensler’s speech is criticized by Ripple’s legal team.
Key Takeaways
- SEC Chairman Gary Gensler’s recent speech about the role and mission of the SEC sparked criticism from Ripple’s Chief Legal Officer and the broader cryptocurrency community.
- Stuart Alderoty, Ripple’s legal director, called for fact-checking of Gensler’s speech, criticizing the SEC’s approach to litigation and regulatory action in the cryptocurrency space.
- These responses reflect growing tensions between the SEC and parts of the cryptocurrency industry and highlight the need for a clearer and more consistent regulatory framework.
Gary GenslerChairman of the U.S. Securities and Exchange Commission (SEC); is at the center of controversy Following his recent speech at the 2023 Securities Enforcement Forum.
That speech Gensler shared in X’s video: (formerly Twitter) emphasized the SEC’s fundamental principles: We support honest companies while prosecute dishonestyAs first stated by Joseph P. Kennedy, the first SEC Chairman:
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In response to Gensler’s remarks, Stuart Alderoty, Ripple’s Chief Legal OfficerA lawsuit is currently in progress against the SEC. Requested confirmation of facts SEC Chairman’s Statement.
Alderoty blamed Gensler. Preconceptions about the cryptocurrency sector and Initiating legal action without a thorough investigation. Even though Ripple was sued by the SEC have never been prosecuted for dishonesty.
Alderoty also criticized the SEC for: Engaging in “insidious conduct” and lose international significance.
What’s worth noting is Ripple has been involved in legal proceedings with the SEC since 2020.. However, this year alone, several significant developments have occurred in the Ripple and SEC cases. In July Ripple scored a partial victory. When Judge Analisa Torres declared: XRP is not a security when sold to retail investors. but When sold to an institution, it is a security.. The SEC was not satisfied with that decision. And appealed that decision.
The wider cryptocurrency community also reacted to Gensler’s post. Erik Voorhees, CEO and founder of ShapeShift, said: It was an “honest business.” We have been unfairly targeted by the SEC on two occasions..
Another community member claimed: Departure is I deviated from my original vision.Now the agency It helps legitimize a corrupt system..
The backlash to Gary Gensler’s speech highlights the growing rift between the SEC and parts of the cryptocurrency industry. This situation highlights the need for a balanced regulatory approach that supports innovation while protecting investors and requires open dialogue and collaboration between regulators.
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