Senate Rejects SEC’s Controversial Proposal
The Securities and Exchange Commission (SEC) has faced a major setback after the US Senate voted overwhelmingly against its proposed anti-crypto bill. Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, hailed the outcome as a victory for the cryptocurrency industry.
SEC’s Failed Attempt to Control Crypto
In March 2022, the SEC proposed a rule that would have required financial institutions to record crypto assets as liabilities. This move was seen as a threat to the decentralized nature of crypto and was met with strong opposition from the industry.
Senate Votes Against SEC Overreach
In a bipartisan decision, the Senate voted to repeal the controversial proposal. The vote included a rebuke of the SEC’s “overreach and disdain for the federal administrative law.”
Ripple CLO Celebrates Victory
Alderoty celebrated the Senate’s rejection of the bill, calling it a sign that the SEC’s attempt to control the crypto industry was out of hand. He emphasized that technological innovation should not be a partisan issue.
Crypto Industry Gains Momentum
The failure of the SEC’s bill highlights the growing influence of the crypto industry in both technology and politics. Lawmakers and traditional banking institutions are increasingly recognizing the importance of crypto.
Pro-Crypto Lawyer Slams SEC Actions
John E. Deaton, a pro-XRP lawyer, has criticized the SEC’s aggressive enforcement actions against the crypto industry. He accused the agency of being used as a weapon by crypto critic Senator Elizabeth Warren.
SEC’s “Regulatory Insanity”
Deaton argues that the SEC’s actions have caused more harm than good to investors. He believes that Warren is prioritizing her political agenda over investor protection.
