{"id":488835,"date":"2022-08-30T04:55:43","date_gmt":"2022-08-30T01:55:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ripple-counsel-secs-shakedowns-leave-consumers-holding-the-bag\/"},"modified":"2022-08-30T04:55:43","modified_gmt":"2022-08-30T01:55:43","slug":"ripple-counsel-secs-shakedowns-leave-consumers-holding-the-bag","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ripple-counsel-secs-shakedowns-leave-consumers-holding-the-bag\/","title":{"rendered":"# Ripple counsel: SEC&#8217;s shakedowns leave consumers holding the bag"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e7389631f6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e7389631f6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ripple-counsel-secs-shakedowns-leave-consumers-holding-the-bag\/#%E2%80%9D_Ripple_counsel_SECs_shakedowns_leave_consumers_holding_the_bag_%E2%80%9C\" >&#8221; Ripple counsel: SEC&#8217;s shakedowns leave consumers holding the bag &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ripple_counsel_SECs_shakedowns_leave_consumers_holding_the_bag_%E2%80%9C\"><\/span>&#8221; Ripple counsel: SEC&#8217;s shakedowns leave consumers holding the bag &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvN2U2OGZmMWUtODczZi00NmYzLThhMDItYzk4MWZkMDU2NmFkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-3511d6da>Ripple Labs <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Counsel Stu Alderoty has hit back at a recent opinion piece by Security and Exchange Commission chairman Gary Gensler, arguing that the regulator&#8217;s crypto market shakedowns aren\u2019t protecting consumers.\u00a0<\/p>\n<p>In an Aug. 28 opinion piece on the Wall Street Journal (WSJ) titled \u201cThe SEC Wants to Be America\u2019s Crypto Cop,\u201d Alderoty claimed the SEC is \u201cpushing aside his follow regulators\u201d instead of concentrating on providing regulatory clarity for crypto. <\/p>\n<p>He gave an example of the recent \u201cshakedown\u201d of BlockFi by the SEC, which led to the company ending \u201cup on the auction block\u201d and two other similar companies going \u201cbelly up,&#8221; arguing:\u00a0<\/p>\n<blockquote><p>\u201cConsumers weren\u2019t protected, they were left holding the bag.\u201d<\/p><\/blockquote>\n<p>The piece came in response to Gensler\u2019s Aug. 19 article \u201cThe SEC Treats Crypto Like the Rest of the Capital Markets\u201d which was also published on WSJ a defended the regulator&#8217;s crackdown on the crypto industry.\u00a0<\/p>\n<p>The Ripple counsel however argues that the SEC hasn\u2019t provided sufficient clarity over crypto regulation and instead declares itself as \u201cthe cop on the beat\u201d for crypto.\u00a0<\/p>\n<p>He claims the chairman is \u201cpushing aside his fellow regulators\u201d and \u201cfront-running\u201d President Biden\u2019s executive order which asks regulators to collaborate on crypto regulation. <\/p>\n<p>The executive order, Alderoty referred to is the \u201cEnsuring Responsible Development on Digital Assets,\u201d which was signed on Mar. 9. 2022 to ensure that both the SEC and Commodity Future Trading Commission (CFTC) coordinate and collaborate on establishing a crypto regulatory framework. <\/p>\n<p>However, Aldetory claims the SEC has neither abided by the executive order nor provided any \u201cregulatory clarity for crypto\u201d and is instead \u201cprotecting its turf at the expense of more than 40 million Americans in the crypto economy.\u201d<\/p>\n<p>Gensler argued in his article that U.S. federal security laws were designed to protect investors and that \u201cthere\u2019s no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>.\u201d <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SEC listing 9 tokens as securities in insider trading case \u2018could have broad implications\u2019 \u2014 CFTC<\/em><\/strong><\/p>\n<p>But many critics disagree, with Forbes writer Roslyn Layton suggesting in an Aug. 28 opinion piece that the SEC\u2019s decision to double its Crypto Assets and Cyber Unit staff and the SEC\u2019s \u201cregulation by enforcement\u201d <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach as reasons for the contrary. <\/p>\n<p>Earlier in the month, U.S. Attorney John Deaton also claimed foul play, in that Gensler and the SEC were intentionally targeting cryptocurrencies, and that it has overstepped the mark on what they can currently do to regulate crypto:<\/p>\n<blockquote><p>\u201cIt doesn\u2019t take a constitutional law expert to understand that the SEC has limited jurisdiction over the crypto industry; barring congressional action, front line regulation of digital assets belongs with the Commodity Futures Trading Commission \u2014 the main regulator of investments that are not deemed traditional securities.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ripple-counsel-sec-s-shakedowns-leave-consumers-holding-the-bag\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ripple counsel: SEC&#8217;s shakedowns leave consumers holding the bag &#8220; Ripple Labs General Counsel Stu Alderoty has hit back at a recent opinion piece by Security and Exchange Commission chairman Gary Gensler, arguing that the regulator&#8217;s crypto market shakedowns aren\u2019t protecting consumers.\u00a0 In an Aug. 28 opinion piece on the Wall Street Journal (WSJ)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":488836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvN2U2OGZmMWUtODczZi00NmYzLThhMDItYzk4MWZkMDU2NmFkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75422,75034,74898,117,70934],"class_list":["post-488835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cftc","tag-ripple","tag-sec","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/488835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=488835"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/488835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/488836"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=488835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=488835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=488835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}