Stuart Alderoty, Chief Legal Officer (CLO) of Ripple has drawn the attention of the crypto community to a court transcript that highlights the crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC’s%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.” rel=”nofollow noopener” target=”_blank”>SEC (Securities and Exchange Commission) lack of clear rules for the companies it regulates.
SEC rules are 'very vague and vague'
Alderoty shared on an X (formerly Twitter) a part of the Judge's statement in the NCPPR v. SEC mail. In that case, the judge commented that the SEC's rules were “so vague and vague that no one knows whether they will be at risk by not asking.” The case involves NCPPR challenging an SEC ruling on a proposal that was not included in Kroger's proxy statement.
Although the case does not involve a crypto company, highlights the arbitrary nature of SEC actions and decisions that the crypto industry is accustomed to. The SEC has continued to ramp up its enforcement efforts without providing clarity on the rules and regulations that must be followed.
In this case, Alderoty commented that the judge made a fair comment, since the legal expert seemed to be relating the statement to the The SEC lawsuit against Ripple. Before filing its lawsuit against the crypto company in 2020, the regulator had not put in place any regulations that would have suggested that the XRP was a security.
Instead of setting clear rules that would have guided the crypto industry from the beginning, the SEC chose to use Ripple to set an example of what has failed unfortunately. The vagueness of the SEC's rules is also why the court has had to rely heavily on precedent when resolving cryptocurrency matters.
Ripple CLO says SEC keeps cutting corners
in a x publication On March 5, Alderoty revealed how the second He had told the judge in his case against Binance that he should consider a decision from another court without disclosing that it was a default judgment. This again highlights the The Commission's contempt for the court and willingness to act in bad faith just to ensure victory.
The SEC also went so far as to misrepresent the facts in the Debt cash case, leading the court to order the Commission to show cause why it should not be sanctioned for misleading the court. The regulator continues to act unhinged, which is why people like Ripple co-founder Chris Larsen they have cried out to hold them accountable for their actions.
Meanwhile, it is also necessary for Congress to intervene and formulate favorable laws for cryptocurrencies so that the SEC can no longer act at its discretion while regulating the crypto industry.
XRP price at $0.62 | Source: XRPUSDT on Tradingview.com
Featured image of NFTS.WTF, chart from Tradingview.com
