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Ripple's Legal Counsel Calls Out SEC's "Bullying" Tactics

Mon, 02/20/2023 - 20:36
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Alex Dovbnya
Ripple's legal counsel, Stuart Alderoty, has taken to Twitter to criticize the U.S. Securities and Exchange Commission (SEC) for its approach to regulating cryptocurrencies
Ripple's Legal Counsel Calls Out SEC's "Bullying" Tactics
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Ripple's legal counsel, Stuart Alderoty, took to Twitter to criticize the U.S. Securities and Exchange Commission (SEC), stating that it has lost four out of its last five cases in the Supreme Court.

He attributed the wins to those who had the courage and resources to fight back against the SEC's "bullying" tactics and its stretching of legal positions that were not faithful to the law.

This tweet follows several other comments by Alderoty criticizing the SEC's approach to regulating cryptocurrencies. In September 2022, he accused the SEC of orchestrating a "political power grab" and rejected the idea that cryptocurrencies require specific rulemaking.

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Alderoty also argued that the SEC's strategy is to attack various projects with its "regulation by enforcement" approach to expand its reach beyond the realm of securities.

In February 2023, Alderoty took a dig at SEC Chair Gary Gensler, suggesting that he could be a "political liability" for President Joe Biden due to his harsh anti-crypto stance. 

The comment came after the SEC's enforcement action against crypto exchange Kraken, which resulted in a $30 million fine. Gensler warned other platforms to "take note" of Kraken's recent move to halt its staking service in the country.

The SEC's enforcement actions against Kraken and Ripple have made some in the industry anxious about the future of crypto regulation in the United States. The crypto industry is hoping for more clarity and a more favorable regulatory environment. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at