Ripple and Elon Musk strongly criticize the SEC

Ripple and Elon Musk are certainly not happy with the American Securities and Exchange Commission (SEC). Both sides are in legal disputes with the regulator, accusing the SEC of abusing its power to serve its own interests rather than enforcing the law.

Musk accused of late reporting

Elon Musk, CEO of Tesla and SpaceX, is under fire for late reporting of his 9.2% stake in % of a listed company must make this public within ten days. However, Musk reported his interest eleven days late, prompting the SEC to take legal action.

Ripple denounces “lawless tactics” by the SEC

Ripple also criticizes the SEC’s working method. Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), accuses the regulator of using lawsuits to enforce unconstitutional interpretations of rules.

Ripple established early in its own case that it believes the SEC is using “lawless tactics.” Alderoty emphasizes that the SEC under Chairman Gary Gensler is exceeding its authority and causing more damage than good.

New criticism of the SEC

Criticism of the SEC continues to grow, including from the new Department of Government Efficiency (DOGE), an initiative partly set up by Musk. Vivek Ramaswamy, who works at this department, criticizes the SEC for inefficient and redundant procedures that, according to him, undermine confidence in the government.

Hope for change with new chairman

With the announced departure of SEC Chairman Gary Gensler on January 20, Ripple and other crypto companies see opportunities for a change of course. The new chairman, Paul Atkins, is seen by many as someone who has a greater understanding of the crypto industry. This offers hope for better regulation that stimulates innovation and reduces uncertainty.

Pro-XRP advocate John Deaton has made some recommendations to the new chairman via social media. He advocates, among other things:

• The dismissal of Gensler’s current team.
• The creation of an anti-fraud unit that does not specifically focus on crypto.
• Creating clear laws and regulations to prevent lawsuits like the one between Ripple and the SEC in the future.

Conclusion

With the departure of Gary Gensler and the appointment of Paul Atkins, a new phase appears to be dawning for the SEC and the crypto industry. Ripple, Musk and other critics hope that under new leadership, the SEC will embrace innovation and provide more transparency and clarity to both the crypto market and the broader financial ecosystem.

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