Ripple CLO and Pro-XRP Lawyer Slam SEC’s Gensler for Anti-Crypto Stance

Ripple’s CLO criticizes SEC Chair Gensler for ignoring court decisions and seeks crypto regulation.
Pro-XRP lawyer accuses the SEC of fraud, defending XRP holders against anti-crypto actions.
Ethereum adviser highlights the need for regulations to protect investors from fraud and loss.

Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, and prominent pro-XRP lawyer John E. Deaton have taken a bold stand against Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC). Their criticism stems from Gensler’s recent comments on Bloomberg, where he emphasized the application of securities laws to the crypto industry to prevent fraud and manipulation.

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Alderoty’s rebuke centers on Gensler’s apparent disregard for court decisions regarding Ripple’s regulatory status. Ripple has been fervently pushing for regulatory clarity in the United States, while Gensler advocates for imposing securities laws on crypto assets. Alderoty argues that such an approach contradicts established legal rulings and hinders the crypto industry’s growth.

John E. Deaton, a lawyer representing a substantial group of XRP holders, has accused the SEC of perpetrating fraud and manipulation through its anti-crypto stance. He insists that investors require protection from the regulatory body’s contradictory stance on digital assets.

Adding weight to the argument for regulatory oversight, Ethereum adviser Steven Nerayoff highlighted a staggering $19.2 trillion loss in U.S. household wealth during the housing crisis, attributing it to fraud and manipulation by regulated institutions. Nerayoff emphasizes that regulations play a pivotal role in safeguarding investors from financial losses due to fraudulent activities.

Amid this clash between crypto advocates and regulatory authorities, Deaton is expected to host Steven Nerayoff on CryptoLawTV to delve deeper into allegations surrounding Ethereum’s initial coin offering (ICO) and allegations of corruption within the SEC. The conversation promises to shed more light on the intricacies of the crypto regulatory landscape.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.