The chief legal officer at Ripple, Stuart Alderoty, has criticized the U.S. Securities and Exchange Commission (SEC) for its "anti-crypto crusade" after the agency faced a legal setback. The Third Circuit Court of Appeals called the SEC's actions "arbitrary" and "capricious" in rejecting Coinbase's petition. The court has demanded that the SEC provide its reasoning for the denial. Alderoty argues that the SEC was attempting to ban the cryptocurrency industry by selectively enforcing securities laws. While there is disagreement over the outcome of Coinbase's petition, Alderoty believes that the court's concurrence could be favorable for Ripple as it supports their argument against outdated regulations.



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