Ripple asks SEC chair to recuse self from crypto enforcement cases News ▸ US ▸ Ripple ▸ Regulation
Ripple asks SEC chair to recuse self from crypto enforcement cases
Ripple chief legal officer Stuart Alderorty said SEC Chair Gary Gensler has prejudged the outcome of crypto-related enforcement actions.
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Updated: Jul. 25, 2023 at 12:02 pm UTC
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Ripple’s chief legal officer Stuart Alderoty asked the U.S. SEC chairman Gary Gensler to recuse himself from voting on any enforcement case relating to cryptocurrencies because he has prejudged the issue.
In a Feb. 28 tweet, Alderoty alluded that Gensler’s statement that “every cryptocurrency, except BTC, is an unregistered security” was evidence of his disposition towards other crypto assets.
The Ripple official cited a legal case between Antoniu and the SEC as the basis of his argument.
In the case, the SEC’s attempt to permanently ban a stockbroker from getting employment from a securities firm was foiled because a commissioner of the regulator had prejudged the case with his public statement.
The court ruled that there was no way to ascertain how the commissioner’s participation affected the SEC’s deliberations, adding that the commissioner’s continued involvement in the debarment proceeding violated due process.
SEC’s chairman Gary Gensler has repeatedly stated that most crypto assets are securities. Under him, the financial regulator has brought enforcement actions against several crypto firms for violating federal securities law.
Meanwhile, the SEC and Ripple are still embroiled in a legal tussle over the classification of XRP.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.