Ripple legal director Stuart Alderoty has lashed out at the US Securities and Exchange Commission (SEC) and its chairman Gary Gensler. According to Alderoty, Gensler’s “anti-crypto crusade” is beginning to collapse following a recent ruling by the Court of Appeals for the Third Circuit. The court described the SEC’s actions as “arbitrary” and “capricious.”
Court of Appeal forces SEC to explain
The case revolves around Coinbase, which previously filed a request with the SEC for clear crypto regulations. The SEC denied this request without a convincing explanation. The court has now ruled that the SEC must provide text and explanation and emphasizes that sporadic enforcement based on ill-fitting rules does not constitute a sustainable policy.
This ruling is seen as a boost for Ripple, which is currently appealing against an earlier ruling on XRP. Alderoty underlined the importance of the words of Judge Stephanos Bibas, who recognizes that outdated laws are no longer applicable to modern technologies such as crypto. According to Alderoty, the SEC is attempting to sabotage the industry through selective enforcement rather than constructive regulation.
Coinbase: victory with nuances
Although Coinbase attorney Paul Grewal called it a victory, attorney Fred Rispoli offers a more nuanced view. According to Rispoli, Coinbase has lost on many counts, and the SEC can still strengthen its case. Still, the ruling has potential as a precedent and may provide support to Ripple in its own legal battle.
The ruling appears to mark a turning point in the battle between the SEC and the crypto sector. While the SEC previously operated unchallenged, the legitimacy of its approach is now increasingly being questioned. This shifting sentiment presents an opportunity for Ripple, which hopes the lawsuit will make a significant contribution to regulatory modernization.
Ripple’s Alderoty: Time for Modern Regulation
Alderoty sees the ruling as a crucial development. “It’s time for modern technology to be judged by modern regulations. Old laws are no longer sufficient.”
With the possible inauguration of Donald Trump on the horizon, there is new hope for the crypto sector. Trump has indicated that he wants to take a more crypto-friendly course, which could potentially lead to fundamental changes in regulations in the United States.
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Source: https://newsbit.nl/ripples-juridisch-directeur-secs-anti-crypto-kruistocht-stort-in/
