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Highlights
- Ripple CLO Stuart Alderoty highlights another loss for US SEC and Gary Gensler.
- US Court of Appeals for the Fifth Circuit ruled in favor of Liberty Energy, pausing the SEC's climate reporting rules temporarily.
- SEC has refused to provide clear crypto regulatory guidelines and rulemaking petition
Stuart Alderoty, chief legal officer (CLO) of Ripple, takes another jibe at the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler. It follows after an appeals court puts a temporary stay on the SEC’s climate disclosure rule.
Ripple CLO Slams SEC and Gary Gensler
Stuart Alderoty has been a major critic of the regulatory actions and policies of the U.S. SEC under the leadership of Gary Gensler. Judges have called the SEC’s actions capricious and arbitrary and even remarked Gary Gensler for hypocrisy in Ripple lawsuit. The SEC has lost many arguments against Ripple.
Ripple CLO took to X on March 16 highlighting that the U.S. SEC and Gary Gensler added another loss to its list, continuing its unfaithful allegiance to the law. “Another week, another loss for Gensler’s SEC,” Alderoty said.
The US Court of Appeals for the Fifth Circuit ruled in favor of Liberty Energy, pausing the SEC’s climate reporting rules temporarily. The order is a major setback for the SEC in the legal battle over the regulations that require companies to report their greenhouse gas emissions and other climate-related disclosures.
Earlier this month, Ripple CLO Stuart Alderoty lambasted the U.S. SEC for presenting a previous court decision to a judge as “supplemental authority” without disclosing that the decision was, in fact, a “default judgment.” This move by the SEC also garnered backlash from lawyers including Coinbase CLO Paul Grewal.
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SEC Denied Need for Crypto Regulatory Clarity
SEC’s actions against crypto companies have been called as overreach amid lack of clarity on crypto regulation. Also, the U.S. Congress has not assigned the SEC jurisdiction over the crypto industry, with disputes between the commodities regulator CFTC and securities regulator SEC still on the table.
Moreover, the SEC has denied the need for new regulations for crypto and considers the old securities laws are sufficient to regulate the new crypto technology. In response, Coinbase has filed an opening brief in a lawsuit against the SEC, contesting the lack of clear regulatory guidelines for the crypto industry after the SEC refused to consider its rulemaking petition.
Meanwhile, Ripple vs SEC lawsuit nears conclusion, with the XRP community and Ripple lawyers waiting for the SEC to file an opening remedies-related brief on March 22. The lawsuit could fairly extend to 2025 as Judge Torres makes deliberate decisions on the pivotal lawsuit.
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