Ripple Chief Legal Officer Stuart Alderoty raised concerns around the U.S. Securities and Exchange Commission’s (SEC) recent spree of losses in Court cases under the leadership of Gary Gensler. His comments come in the backdrop of yet another setback for the Commission in a fifth circuit court following the XRP lawsuit victory in July 2023.
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US SEC’s Rule “Arbitrary and Capricious”
On October 31, 2023, the US Court of Appeals for the Fifth Circuit said the Commission’s rule on stock buyback disclosure was arbitrary and capricious. Further, the Court gave the agency a chance to show that it has “reasonably considered the relevant issues and reasonably explained the decision.” This comes after the SEC’s recent losses in XRP lawsuit and Grayscale filing, which could prove to be key for the crypto ecosystem’s regulatory standing in the years to come.
The lawsuit, filed by various business an
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