SEC’s Actions Resemble a ‘Police State’
Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), has strongly criticized the US Securities and Exchange Commission (SEC) under the leadership of Gary Gensler. Alderoty’s criticism stems from the SEC’s actions in the DEBT Box case, where the SEC obtained a Temporary Restraining Order (TRO) against DEBT Box and then directed Coinbase to freeze assets under threat of sanctions.
Alderoty expressed his concerns in a post on X (formerly Twitter), stating that the SEC’s behavior resembles that of a “police state” that is exempt from the consequences of its actions. He also highlighted the SEC’s reluctance to engage with Coinbase after admitting that it had deceived the court in obtaining the TRO.
Ripple CLO’s Previous Criticisms of the SEC
This is not the first time that Alderoty has criticized the SEC. He has previously questioned Gensler’s suitability for his role, citing his political toxicity, serial losses in court, and his agency’s Twitter account being hacked. Alderoty has also criticized Gensler’s management style, stating that SEC staff are quitting at the highest rate in 10 years.
Ongoing Dispute Between Ripple and the SEC
The ongoing dispute between Ripple and the SEC highlights the tensions between the crypto industry and the regulatory body. Ripple and other crypto companies have accused the SEC of overreach and a lack of clear regulations. The SEC, on the other hand, has argued that it is acting within its authority to protect investors.
XRP Price at Press Time
At the time of writing, XRP was trading at $0.53198.
