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Ripple lawyer Stuart Alderoti criticized the position of the Chairman of the US Securities and Exchange Commission Gary Gensler and the SEC’s desire to seize administrative control over the cryptocurrency market.
Stuart Alderoty, Chief Legal Counsel of Ripple, commented on the video message of the Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler (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 create regulatory arbitrage or loopholes,” Gensler said.
The head of the SEC justifies his position by the fact 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 CHAIRMAN of the SEC is trying to group all digital projects under the supervision of the Commission in the complete absence of clearly defined regulatory rules.
“No one disputes that consumer and market protection is necessary. But the constant claims that every token is a security is a combination of bad laws and bad policies aimed at seizing the SEC’s political influence over this asset class,” Alderothi said.
Recall that in March, US President Joe Biden issued a decree on the development strategy and concentration of nationwide efforts to regulate the crypto industry on consumer protection.
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