Ripple’s General Counsel, Stuart Alderoty Says SEC Chair Cannot Self-Appoint Himself As The Cop On The Beat For Crypto

The Ripple’s General Counsel, Stuart Alderoty, recently slams the SEC chair for always enforcing the crypto industry.

Stuart Alderoty stated in his Politico Live interview that the regulatory uncertainty of the U.S. crypto industry, particularly the SEC chairman, Gary Gensler’s overreach in the sector.

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Recall, the SEC chair once stated that Bitcoin is the only cryptocurrency while every other is security. Following Gensler’s claim, Ripple’s General counsel reacted by saying that he was ignorant of any nomination in the crypto space that led to the choosing of the SEC as the cop on the beat for crypto.

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Stuart Alderoty stated:

“Well, I don’t remember anyone holding an election for the cop on the beat for crypto. I don’t remember Congress appointing Gary Gensler as the cop on the beat for crypto.”

 Alderoty further said, “You [Gensler] cannot self-appoint yourself as the cop on the beat for crypto.” 

U.S Crypto Under Uncertainty Regulation

More also, Stuart said that the U.S crypto space has been under uncertainty regulation for years compared to another economic hubs such as Singapore, the UK, and Dubai and he added that the United States has been promoting politics and power via SEC at the expense of the innovators, entrepreneurs, and retail investors.

Alderoty said “What we’re doing here in the U.S., I think principally through the SEC as an institution, is that we’re elevating politics and power over sound policy. Doing this, you’re not only hurting innovation, innovators, and entrepreneurs like Ripple, you’re also hurting the retail holders of these assets because one in five Americans own or have interacted with cryptos,”

Stuart Alderoty has once hit back at the SEC for the huge loss the agency caused investors following its lawsuit against Ripple.

Ripple’s General Counsel once shun SEC Chairman, Gary Gensler for misinterpreting the U.S Supreme Court test to determine what should be a security.

Stuart Alderoty stated in the tweet that Gary could not ascertain why Gensler misstated the Supreme Court’s test.

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