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Ripples Stuart Alderoty Flags SEC Actions Under Gary Gensler

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While the US SEC (Securities and Exchange Commission) suffered a significant setback as the Fifth Circuit Court of Appeals dismissed its stock-buyback rule last Tuesday, Ripple’s Chief Legal Officer jumped in immediately to criticize the agency’s actions.

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Ripple is gaining a higher ground in its case with the United States Securities and Exchange Commission as another court finds that the SEC again acted capriciously and arbitrarily.

Once again, the federal court of appeal judged that the SEC violated the Administrative Procedure Act, making Stuart Alderoty, Ripple’s CLO, criticize the US SEC’s actions under Gary Gensler.

In Brief

  • Ripple’s CLO criticism of the SEC’s actions under Gensler reflects the increasing concern of the crypto industry about the SEC’s recent rulings.
  • The latest rule, which the Courts invalided, was introduced by the SEC last May to force public firms to reveal their everyday share of repurchases and to provide an explanation for their stock buybacks.
  • The rationale behind Gary Gensler’s rule was to restrict companies from using buybacks to hike executive compensation artificially, which is most times related to earnings per share.
  • But then, Wall Street Journal reports suggest that Gensler has a different motivation for implementing this new rule. Moreover, Gensler has been proactive in his support of securities lawsuits against companies over their buybacks.
  • Fortunately, the United States Chamber of Commerce challenged Gensler’s rule, citing that the Securities and Exchange Commission is in violation as it failed to quantify its benefits and costs.
  • Even the court highlighted the conflicting stance of the SEC. It also disclosed that the SEC claims that revealing proprietary information will have little or no costs but, at the same time, offer vital information to the investors.
  • As a result of SEC inconsistencies, the court ruled that the Securities and Exchange Commission must refrain from continuing with such a contradictory stance.

What’s Happening In Crypto Today?

As of this writing, Bitcoin is changing hands at $35,426.83 while recording an increase in market cap by 3.10% and an increase in trading volume by 91.36%.

On the side of Ethereum, its current price is at $1,836.33, with a bit of a rise in market cap of 2.19% and an increase in trading volume by 76.40%.

  • Meanwhile, Toncoin is right now trading at $2.23 while recording a little increase in market cap by 2.94% and a decrease in trading volume by 39.20%.
  • Chainlink, on the other hand, is presently selling at $11.31, with an increase in market cap by 4.62% and an increase in trading volume by 50.65%.
  • Currently, Polygon is sold at $0.6707, with an increase in market cap of 7.07% and an increase in trading volume by 57.51%.
  • Whereas Polkadot is now selling at $4.72, with an increase in market cap by 8.81% and an increase in trading volume by 68.38%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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