Ripple General Counsel Stuart Alderotti responded to a recently published blog on the cryptocurrency market by the U.S. Securities and Exchange Commission (SEC). The SEC chairman said he would treat digital assets like any other capital market.
SEC Chairman Tramples Other Oversight Agencies?
Ripple’s legal counsel said: SEC Chairman Gary Gensler’s primary objective is to protect their turf at the expense of America’s crypto economy.
Arderoti emphasized that Gensler chose the SEC as the cop to oversee the crypto space.He SEC chair managed to push away Other regulators from this space. But they are also ignoring US President Biden’s Executive Order.
According to the published Executive Order, all Designated Agencies must work together to set a clear regulatory framework for the crypto space. Attorney Ripple said the SEC chairman argued that seatbelts are still required regardless of whether the vehicle is electric or gas operated.
But Arderoti counters that electric cars don’t need gasoline. In the SEC chair’s analogy, the commission sells gas. They intend to punish those who ignore buying it.
A watchdog disrupting the crypto space?
The attorney added that BlockFi’s adjustments by the commission caused turmoil in the market. However, likewise his two operating companies went through the same process.
Consumers were left unprotected in this kind of scenario. The market needs clarity on digital assets. The SEC chair is waving a billy club to defend his territory, Ripple Counsel added.
However, XRP’s amici lawyer SEC v. Ripple Lawsuit I commented on the newsletter. He said in Gensler’s excerpt that the SEC is proposing to offer protections to consumers. Just like Tesla provides gasoline for cars.
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