Stuart Alderoty, Ripple’s chief legal officer, did so accused The chairman of the US Securities and Exchange Commission, Gary Gensler, violated the law by exceeding his statutory powers.
This comes after Gensler told the Financial Times that the regulator is making changes following recent legal leaks.
Don’t hold back
Despite failures in the courts, Gensler is determined to move forward with his agency, which includes reigning in the cryptocurrency sector.
In July 2023, Judge Analisa Torres gave the SEC a setback by ruling that secondary sales of the Ripple-linked XRP token were not securities. Even if the decision was unsuccessful, there is speculation that the SEC may not appeal the ruling to not improve it.
In August 2023, Greyscale scored a major legal victory against the SEC, which paved the way for the approval of several spot Bitcoin ETFs in January.
The SEC also recently greenlit several spot Ethereum ETFs in a sudden reversal of the trend.
Cryptocurrencies are full of fraud
Gensler told the Financial Times that he was still concerned about thousands of cryptocurrency tokens without adequate disclosure.
The SEC head noted that the cryptocurrency industry is still riddled with fraud.
At the Bloomberg Invest Summit in New York, Gensler noted that industry leaders are “either in prison, or on the verge of going to prison, or awaiting extradition.”
Responding to the remark, Ripple CEO Brad Garlinghouse recalled that Gensler failed to prevent the FTX fraud.
