Ripple's Chief Lawyer Accuses SEC of Unfairness
Date: 2024-03-07 Author: Dima Zakharov Categories: BUSINESS
Allegations of Unfairness
Ripple's Chief Legal Officer, Stewart Alderot, has once again lambasted the U.S. Securities and Exchange Commission (SEC), alleging unfair practices. Alderot criticized the SEC's ambiguous regulatory framework for cryptocurrencies, claiming it lacks transparency and fairness.
Controversial Precedent
In a move to support its ongoing legal battle against Binance and its former CEO Changpeng Zhao, the SEC cited a precedent from a case involving insider trading allegations. Alderot and other critics deemed this action as unfair, arguing that using such a precedent without clear characterization could mislead the court regarding its legal validity.
Absence of Defense
The controversy deepens as it's revealed that in the case where cryptocurrency issuers faced charges, they did not defend themselves in court. This situation has sparked calls for greater transparency in legal proceedings, particularly those with significant implications for the cryptocurrency industry's regulatory landscape.
Unclear Regulations
A judge openly criticized the SEC's rules, stating they are so vague and clumsy that no one knows if they are at risk. This remark came in a case involving the National Center for Public Policy Research (NCPPPR), highlighting the lack of a clear regulatory system for cryptocurrencies, as emphasized by Alderot.
