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Stuart Alderoty, Ripple’s legal chief, has criticised the US Securities and Exchange Commission’s (SEC) aggressive stance towards the cryptocurrency industry. Alderoty said that even though the Supreme Court reversed the Chevron vs. Natural Resources Defense Council case in 2024, the SEC remains dogged in its crackdown. Alderoty believes new leadership at the SEC is necessary to change its attitude. He is particularly concerned by the SEC’s ongoing legal disputes with the crypto sector, which he says is causing confusion. Alderoty also believes the SEC is purposefully creating a climate of uncertainty, regardless of whether it is right or wrong.

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Stuart Alderoty, Ripple’s head honcho of legal, has called out the Securities and Exchange Commission, noting that the biggest court in the U.S., the Supreme Court, changing their minds about the Chevron vs. Natural Resources Defense Council case in June 2024 won’t really shake up the SEC’s habit of cracking down on crypto.

Alderoty told Turner Wright, a journalist at Cointelegraph, that the only thing that could shake things up at the SEC would be new people in charge.

He voiced his disappointment, implying that the reputation of the SEC has tanked because of the current leadership. He’s especially bothered by the SEC’s continual legal disputes with the crypto sector, like their recent comeback in the legal battle against Ripple, which he believes is just creating a storm of confusion.

According to Alderoty, it seems like the SEC doesn’t care whether they’re legally right or wrong. In his view, he reckons they’re just throwing out as many warnings, threats, and court actions as possible in the hopes of stirring up uncertainty in the crypto industry. He also commented that he doesn’t reckon the SEC will pay much mind if they’re proven wrong once more, which he finds alarming.

In June 2024, the Supreme Court made a U-turn on a 40-year rule set by the Chevron case. This case had previously let courts off the hook and allowed regulatory agencies to flex their muscles when implementing policy. This decision didn’t sit well with the crypto community—new startups had to jump through loads of regulatory hoops, scaring away innovation and investments.

Uniswap Labs, a big player in the crypto arena, used this legal U-turn to challenge the SEC’s idea that decentralized finance projects should be viewed as “exchanges” under the law — a change that would place them right under the nose of the SEC.

Source: Cointelegraph