Ripple CLO Claims They Exposed SEC’s Lawless Tactics Early on
Elon Musk is embroiled in an ongoing dispute with the U.S. Securities and Exchange Commission (SEC). Musk’s attorney, Alex Spiro, recently accused the SEC of harassment against Musk and his companies, including Neuralink. The U.S. Securities and Exchange Commission (SEC) gave Musk an ultimatum of 48 hours to reach a settlement and issued a subpoena.
In response to the SEC action, Musk gained support from industry leaders. Vivek Ramaswamy, who was recently appointed to the Department of Government Efficiency (DOGE), criticized the SEC for wasting government resources and frequently losing cases due to its illegal and unconstitutional interpretation of rules. He believes the SEC’s actions are damaging public trust in the law.
Ripple’s chief legal officer Stuart Alderoty also expressed his opinion, claiming that Ripple exposed the SEC’s wrongdoing very early. Reflecting on his court case, he noted that the SEC has been using litigation to advance its own agenda rather than faithfully following the law. The real question, he added, is how to hold the SEC accountable under its current leadership.
He wrote: “The question is not whether the SEC under Gensler went rogue – it did. The question is how do we hold them accountable?” Ripple’s top leaders, along with the cryptocurrency industry, joined in celebrating SEC Chairman Gary Gensler Gary Gensler is leaving the company. Gensler confirmed he will leave the company on January 20. Ripple’s Stuart Alderoty believes Ripple will become the top provider of enterprise encryption solutions in the U.S. once regulatory issues are resolved
It is worth mentioning that the U.S. Securities and Exchange Commission (SEC) has been investigating Elon Musk’s delay in disclosing his 9.2% stake in Twitter. He did not disclose his shareholding until April 4, 2022, approximately ten days after exceeding the 5% disclosure threshold required by law. Under the Hart-Scott-Rodino Act, anyone who acquires at least 5% of a public company must disclose it within ten days.
