Stuart Alderoty, the General Counsel at Ripple Labs, has criticized Gary Gensler, the Chairman of the United States Securities and Exchange Commision (SEC). In a tweet, Alderoty argued that the SEC boss is no longer a cryptocurrency issue, but a "We the People" issue, suggesting that Gensler weilds the legal process and Congressional oversight to his own advantage. His unease with the SEC's actions within the cryptocurrency space have been echoed by other major players, including Brian Armstrong, CEO of Coinbase.

The ruling of the SEC Chair is that, apart from Bitcoin, most other crypto assets are considered securities, and thus crypto companies must register with the SEC in order to avoid legal action from the agency. Alderoty disagrees with this, contending that the primary focus of the SEC is to snuff out innovation in the US. This conclusion was supported by the bankruptcy of crypto exchange Bittrex, who many believe was unfairly targeted by the SEC.

Consequently, a chorus of voices is rising against the Commission's unfavourable policies. For instance, the US Chamber of Commerce has presented an amicus curiae brief in favour of Coinbase, claiming that the SEC is violating constitutional procedures and attacking the existing digital asset regulatory framework.

Nonetheless, despite vocal criticism, the SEC will continue to exist and enforce the law, at least until the termination of the Ripple case - which is expected to arrive within the next two to six months. Until then, the debate over the roles of the regulator and industry stakeholders will continue.



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