- Ripple’s chief legal counsel, Stuart Alderoty, calls for accountability from the SEC and Chairman Gensler.
- Gary Gensler accused of prejudging all digital assets as securities, skewing enforcement actions.
- Many believe Gensler’s stance prevents careful analysis to determine if each crypto asset is a security.
Stuart Alderoty, chief legal counsel at Ripple Labs Inc, is joining a chorus of voices within the crypto industry calling for greater accountability from the United States Securities and Exchange Commission (SEC). Alderoty recently emphasized that the actions and statements of SEC Chairman Gary Gensler carry legal weight, a response to a tweet from Jake Chervinsky, the Policy Lead at the Blockchain Association.
This tweet thread from Chervinsky took aim at Gensler’s approach to crypto regulation. He accused the SEC Chair of broad-brushing all digital assets as securities, a view he believes necessitates Gensler’s recusal from enforcement actions concerning the burgeoning asset class.
In echoing this sentiment, Alderoty underscored the need for impartiality in the Wells Process—the mechanism by which the SEC’s enforcement actions are assessed. This process stipulates that such actions must be neutrally evaluated by the commissioners.
However, Gensler’s sweeping categorization of most cryptocurrencies as securities has prompted many, including Chervinsky and Alderoty, to question his ability to be a neutral arbiter. Their collective view is that Gensler is shirking the critical analysis required to categorize each crypto asset correctly, favoring a blanket approach instead.
Looking to the future, Ripple’s steadfast stance against the SEC could catalyze a positive shift in crypto regulation. As the price of XRP, Ripple’s native currency, hinges on the outcome of this discourse, Ripple’s push for regulatory clarity and accountability may well lead to a more transparent, stable, and prosperous crypto industry.
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