Stu Alderoty, Ripple’s chief legal counsel, targeted the US Securities and Exchange Commission (SEC).
Alderoty argued that the regulator wanted to “hold the bag” rather than protect consumers.
Ripple’s Chief Legal Counsel Criticizes Aggressive Attitude
Aldetory argued that SEC Chairman Gary Gensler took an aggressive stance rather than cooperating with regulators.
Known for his positive attitude towards the crypto industry before taking office, Gensler has proven to be extremely tough on the industry after taking office. Gensler argued that the majority of cryptocurrencies on the market are securities. For this reason, investors need to be protected urgently. In addition, he emphasized that platforms that do not take the necessary security measures for their customers will be held responsible.
The recently prepared Senate bill, which will make the Commodity Futures Trading Commission (CFTC) the number one crypto regulator, received criticism from Gensler.
Gensler stated that the crypto industry should not violate existing securities laws due to the use of different technology. Noting that modern cars still use seat belts despite all the developments, Gensler argued that a similar stance should be taken on crypto. Alderoty, on the other hand, argued that the SEC was trying to sell gasoline to electric cars and opposed Gensler’s analogy.
Alderoty said the SEC needs to bring more regulatory clarity.
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