The Ripple CLO claims have already exposed the SEC’s illegal practices
Elon Musk has been embroiled in an ongoing dispute with the US 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 gave Musk a 48-hour ultimatum to release and issued a subpoena.
In response to the SEC's actions, Mook received support from industry leaders. Vivek Ramaswamy, who was recently appointed to the Department of Government Efficiency (DOGE), criticized the SEC for wasting government resources and repeatedly losing court cases due to illegal and unconstitutional legal interpretations. He argued that the SEC's actions were undermining public confidence in the law.
Ripple's chief legal officer, Stuart Aderotim, weighed in, saying Ripple had already exposed the SEC's illegal tactics. Reflecting on their own court case, they pointed out that the SEC has been using litigation to advance its own agenda instead of faithfully following the law. The key issue is how to hold the SEC accountable under its current leadership, he added.
He wrote, “The question is not whether the SEC under Gensler is crooked—it is. The question is how do we hold them accountable? Ripple's top executives have celebrated the upcoming departure of SEC Chairman Gary Gensler with the crypto industry. Gensler confirmed that he will be leaving on January 20. Ripple's Stuart Alderoty believes that once regulatory issues are resolved, Ripple will become a leading provider of crypto solutions for businesses in the US.
For the uninitiated, the SEC has been investigating Elon Musk for disclosing his 9.2% stake in Twitter. It disclosed the stake on April 4, 2022, ten days after passing 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.
