Ripple Counsel: SEC Expanding its Turf at the Expense of Crypto Economy
The general counsel for Ripple, Stuart Alderoty, argues the SEC’s push to treat all digital assets as securities isn’t just misguided, but driven by a desire to expand their turf at the expense of other regulators. We’ve written before that the SEC’s approach is grounded in yesterday’s Wall Street model rather than the Silicon Valley model, but Alderoty makes a good case as well.
Ripple’s General Counsel stated that Gary Gensler, SEC Chair’s main objective is to shield their turf at the expense of the American crypto economy. These actions have left the investors and consumers holding the bag.
Alderoty highlighted that Gensler has chosen the SEC as the cop watching over the crypto space. He blamed the SEC chair managed to push aside the other regulators from this space. However, they are also neglecting US President Biden’s executive order.
As per the released executive order, all the directed agencies need to collaborate to set up a clear regulatory framework for the crypto space. Ripple Counsel mentioned that SEC Chair asserts that whether the car runs electricity or gas, it still needs a seat belt.
However, Alderoty counter’s that electric cars don’t need gas. While in the SEC Chair analogy the commission is selling the gas. They intend to punish whoever ignores to buy it.