Ripple chief legal officer Stuart Alderoty and XRP advocate John E. Deaton took to X to accuse Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), of fraud and manipulation. The move comes in response to Gensler’s anti-crypto comment on Bloomberg and how securities law can prevent “fraud and manipulation” in the crypto industry.
Ripple chief legal officer Stuart Alderoty condemns SEC Chair Gary Gensler for disrespecting the decisions of the courts. While Ripple fights to bring regulatory clarity in the U.S., Gensler urges that applying securities laws to crypto will benefit and protect investors from fraud and manipulation. Ripple and Coinbase executives had raised concerns about the lack of crypto regulations and the SEC has no jurisdiction over crypto.
“What’s most concerning to me (and should be to you) in the full video clip is the shocking admission of an unelected bureaucrat that he won’t respect the decisions of the Courts.”
John E. Deaton, a lawyer representing more than 75,000 XRP holders, took to X alleging the SEC for fraud and manipulation. Investors need protection from the SEC’s anti-crypto stance and hypocrisy.
Steven Nerayoff, an early Ethereum adviser, shared that a $19.2 trillion loss in US household wealth during the housing crisis happened due to fraud and manipulation by regulated institutions. “So regulations protect people from losses due to fraud & manipulation.”
Deaton is likely to bring Steven Nerayoff on CryptoLawTV to discuss shocking allegations he made about Ethereum’s initial coin offering (ICO) and corruption at the SEC.
Read More: XRP Lawyer Deaton Reveals Hints About Big Announcement This Week
Federal judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions.
The SEC incorrectly argued “question of law” requirement for interlocutory appeal and has failed to address its authority. Stuart Alderoty said the SEC’s interlocutory appeal filing is hypocritical and has no impact.
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