Ripple lawyer Stuart Alderoti criticized the position of US Securities and Exchange Commission Chairman Gary Gensler and the SEC’s desire to seize administrative control of the cryptocurrency market.
Stuart Alderoty, Ripple General Counsel, commented video message Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler, in which he called on all projects related to the development and promotion of crypto assets to register with the SEC.
“Let’s not risk undermining 90-year-old securities laws and creating regulatory arbitrage or loopholes,” Gensler said.
The head of the SEC justifies his position by saying that crypto markets can offer entrepreneurs new ways to raise capital, and investors the opportunity to trade. However, according to Gensler, without the participation of the SEC, they will not be able to provide the necessary level of protection for investors and the market.
Alderoti considers it unacceptable that the SEC chairman is trying to group all digital projects under the supervision of the Commission in the complete absence of clearly articulated rules of regulation.
“No one disputes the need to protect the rights of consumers and the market. But the constant claims that every token is a security is a combination of bad laws and bad policies aimed at capturing the political influence of the SEC on this asset class.” said Alderoti.
Recall that in March, US President Joe Biden issued a decree on a development strategy and focusing nationwide efforts to regulate the crypto industry on consumer protection.
Source: Bits
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