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The uncertainty surrounding cryptocurrency regulations in the United States has taken center stage following a recent court decision. Ripple Capital, a prominent blockchain startup, has brought attention to the vague regulatory landscape orchestrated by the Securities and Exchange Commission (SEC), raising concerns about the future of crypto-related businesses.
Stuart Alderoty, Chief Legal Officer of Ripple Labs, shared excerpts from a court transcript on the National Center for Public Policy Research (NCPPR) initiating an appeal against a SEC decision mentioned in the transcript.
The presiding judge criticized the SEC's regulatory framework, labeling it as "so vague and loosey-goosey that nobody knows whether they will be at risk from not asking?"
I don’t know much about this proxy access case argued in the 5th Circuit yesterday, but when a judge says the SEC’s rules are “so vague and loosey-goosey that nobody knows whether they’ll be at risk…,” she may be on to something. NCPPR v SEC. pic.twitter.com/Nj08JTpaEu
— Stuart Alderoty (@s_alderoty) March 6, 2024
Alderoty further alleged misconduct by the SEC during its enforcement activities. These accusations include the distortion of facts and the omission of crucial information in court papers.
Despite the SEC trying to justify its acts on crypto activities many in the business world still argue that the SEC needs to justify its policies and practices. Ripple Capital's ads more weight to the dissatisfaction being lashed out on the SEC by these crypto entities.
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Brenda has been a news writer since 2019 with a deep background in crypto. Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction.