The U.S. Securities and Exchange Commission (SEC) and its Chair Gary Gensler have faced criticism for their handling of the crypto market enforcement. Ripple’s Chief Legal Officer, Stuart Alderoty, believes that the issue lies not with the crypto ecosystem itself but with the constitution. The SEC’s conflict with the crypto industry intensified in 2023 as the regulatory agency increased its enforcement actions.
The XRP token holders, who have remained loyal throughout the legal proceedings against the SEC, are eagerly awaiting the summary judgment from Judge Analisa Torres, who is presiding over the case.
Alderoty, referring to the SEC’s legal dispute with Ripple, criticized the agency’s use of the judicial process as a “weapon.” He stated that the issue was not specific to crypto but rather a constitutional problem, pointing to the preamble of the United States Constitution.
Therefore, the solution lies in creating new laws that govern the SEC’s oversight of cryptocurrencies. The US House Republican committee, led by Chairman Patrick McHenry, believes that the current laws are not suitable for the technology and cannot be applied effectively.
