Crypto Market News: Despite the heavy criticism faced by the U.S. Securities and Exchange Commission (SEC) time and again for mishandling the enforcement on the crypto market, the agency’s Chair Gary Gensler continues to be at the center of the problem. In this context, Stuart Alderoty, Ripple’s Chief Legal Officer, feels that it’s not really a problem with the crypto ecosystem but a constitutional problem. The SEC’s face off with the crypto industry took new heights since the beginning of 2023, when the regulatory agency ramped up its forced enforcement actions.
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Meanwhile, the XRP token holder community, which has been loyal despite the legal process with the SEC lawsuit, is awaiting the summary judgment from Judge Analisa Torres, who is overseeing the case.
Ripple Chief Legal Officer Blasts Gary Gensler
Alderoty made the comments in reference to the SEC’s legal battle with Ripple, calling it the agency’s usage of judicial process as a “weapon to be wielded.” He added that it was not actually a crypto problem but a constitutional problem, indicating to the preamble of the constitution of the United States.
“For this SEC Chair the judicial process is a weapon to be wielded and Congressional oversight is a game of hide and seek. This isn’t a crypto problem, this is a “We The People” problem.”
Hence, the resolution should come from new laws governing the SEC’s crypto oversight. Recently, the US House Republican committee under the leadership of Patrick McHenry, Chairman of the US House Committee on Financial Services, felt that the existing laws are neither compatible with the underlying technology nor applicable.
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