{"id":28767,"date":"2024-12-16T12:28:20","date_gmt":"2024-12-16T12:28:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=28767"},"modified":"2024-12-16T12:28:20","modified_gmt":"2024-12-16T12:28:20","slug":"elon-musk-ripple-legal-chief-vivek-ramaswamy-challenge-secs-regulatory-approach","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=28767","title":{"rendered":"Elon Musk, Ripple Legal Chief, Vivek Ramaswamy Challenge SEC\u2019s Regulatory Approach"},"content":{"rendered":"

Influential figures in the crypto industry, including Elon Musk, have openly criticized<\/a> the US Securities and Exchange Commission (SEC) for its regulatory tactics.\u00a0<\/span><\/p>\n

Musk, the CEO of Tesla and SpaceX, has been vocal about his disapproval of the SEC\u2019s methods. In fact, he called the SEC a \u201cweaponized institution.\u201d<\/span><\/p>\n

Musk insisted that SEC\u2019s enforcement actions are more about exerting control than ensuring compliance with securities laws.<\/span><\/p>\n

The SEC is just another weaponized institution doing political dirty work https:\/\/t.co\/5w9ajcS6bf<\/a><\/p>\n

\u2014 Elon Musk (@elonmusk) December 12, 2024<\/a><\/p>\n\n

Musk And Ripple Legal Chief Are On The Same Page!<\/strong><\/h2>\n

This criticism is not new. Musk has had a contentious relationship with the SEC following several high-profile run-ins related to his tweets and Tesla\u2019s stock.<\/span>\u00a0<\/span><\/p>\n

The agency has been accused of using its regulatory powers to target specific companies or individuals without providing clear guidelines on compliance.\u00a0<\/span>This perception of selective enforcement has fueled calls for reform within the SEC to ensure that its actions are guided by a commitment to fairness and transparency.<\/span><\/p>\n

Ripple exposed the SEC\u2019s lawless tactics early on. As the court said in our case: \u2018The SEC is adopting its litigation positions to further its desired goal, not out of a faithful allegiance to the law.\u2019 The question isn\u2019t whether the SEC under Gensler is rogue\u2014it is. The\u2026 https:\/\/t.co\/4VToaTCeMT<\/a> pic.twitter.com\/Q6s3gTINwr<\/a><\/p>\n

\u2014 Stuart Alderoty (@s_alderoty) December 14, 2024<\/a><\/p>\n\n

Musk\u2019s comments resonate with many in the crypto industry who feel that the SEC\u2019s approach lacks clarity and consistency. Ripple has also been at the forefront of challenging the SEC\u2019s regulatory approach.\u00a0<\/span><\/p>\n

The legal battle between Ripple and the SEC began when the agency filed a lawsuit against Ripple in December 2020, alleging that its sale of XRP tokens constituted an unregistered securities offering. In July 2023 Ripple claimed victory against SEC in the court.\u00a0<\/span><\/p>\n

Ripple\u2019s Chief Legal Officer, Stuart Alderoty, has been particularly outspoken about what he describes as the SEC\u2019s \u201clawless tactics\u201d in its enforcement actions against Ripple.\u00a0<\/span><\/p>\n

Alderoty posted, \u201cRipple exposed the SEC\u2019s lawless tactics early on. As the court said in our case: \u2018The SEC is adopting its litigation positions to further its desired goal, not out of a faithful allegiance to the law.\u2019 The question isn\u2019t whether the SEC under Gensler is rogue\u2014it is. The question is how we hold them accountable?\u201d<\/p>\n

Politician Vivek Ramaswamy chimed in and said, \u201cHere\u2019s the worst part: the SEC regularly loses case after case in federal court because they contort their rules in illegal & unconstitutional ways.\u201d<\/p>\n

Related: Coinbase To Cut Ties With Law Firms Linked To Former SEC Officials, Armstrong Promises <\/a><\/strong><\/p>\n

18 US States Sue SEC For Unlawful Regulations On Crypto Companies<\/h2>\n

Early this month, 18 US states have filed a lawsuit against the Securities and Exchange Commission (SEC) and members of the Biden administration.<\/p>\n

The lawsuit, lodged in the US District Court for the Eastern District of Kentucky Frankfort Division, accuses the SEC of overstepping its authority by imposing unlawful regulations on cryptocurrency companies and their employees.<\/p>\n

The lawsuit is spearheaded by Kentucky Attorney General Russell Coleman and includes attorneys general from Nebraska, Tennessee, West Virginia, Iowa, Texas, Mississippi, Montana, Arkansas, Ohio, Kansas, Missouri, Indiana, Utah, Louisiana, South Carolina, Oklahoma, Florida, and the DeFi Education Fund.<\/p>\n

Recently, Coinbase CEO Brian Armstrong also announced that the crypto exchange will sever ties with law firms employing former SEC officials involved in what he claims was an effort to \u201cunlawfully kill\u201d the crypto industry.<\/p>\n

President-elect Donald Trump has also pledged to overhaul the SEC\u2019s leadership. He has criticized the agency\u2019s regulatory stance and promised to replace Gensler.<\/p>\n

Related: 18 States Sue Biden Administration Over SEC Crypto Actions\u00a0<\/a><\/strong><\/p>\n

The post Elon Musk, Ripple Legal Chief, Vivek Ramaswamy Challenge SEC\u2019s Regulatory Approach<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Influential figures in the crypto industry, including Elon Musk, have openly criticized the US Securities and Exchange Commission (SEC) for its regulatory tactics.\u00a0 Musk, the CEO of Tesla and SpaceX, has been vocal about his disapproval of the SEC\u2019s methods. In fact, he called the SEC a \u201cweaponized institution.\u201d Musk insisted that SEC\u2019s enforcement actions […]<\/p>\n","protected":false},"author":0,"featured_media":28768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28767"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28767"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28767\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/28768"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}