Elon Musk is embroiled in an ongoing dispute with the U.S. Securities and Exchange Commission (SEC). Musk’s lawyer, Alex Spiro, recently accused the SEC of a harassment campaign against Musk and his companies, including Neuralink. The SEC has given Musk a 48-hour ultimatum to settle and has issued subpoenas.
In response to the SEC’s actions, Musk has gained support from industry leaders. Vivek Ramaswamy, recently appointed to the Department of Government Efficiency (DOGE), criticized the SEC for wasting government resources and frequently losing court cases due to their illegal and unconstitutional rule interpretations. He argued that the SEC’s actions are undermining public trust in the law.
Ripple’s Chief Legal Officer, Stuart Alderoty, also weighed in, claiming that Ripple had exposed the SEC’s lawless tactics early on. Reflecting on their own court case, he pointed out that the SEC has been using litigation to push its own agenda, rather than faithfully following the law. He added that the real issue is how to hold the SEC accountable under its current leadership.
He wrote, “The question isn’t whether the SEC under Gensler is rogue—it is. The question is how we hold them accountable?” Ripple’s top leaders, along with the crypto industry, celebrated SEC Chairman Gary Gensler’s upcoming departure. Gensler confirmed he will leave on January 20. Ripple’s Stuart Alderoty believes that once the regulatory issues are cleared, Ripple will become the top provider of crypto solutions for businesses in the U.S.
For the unversed, the SEC has been investigating Elon Musk for delaying the disclosure of his 9.2% stake in Twitter. He only revealed his stake on April 4, 2022, about ten days after surpassing the 5% disclosure threshold required by law. According to the Hart-Scott-Rodino Act, anyone who acquires at least 5% of a public company must disclose it within ten days.
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