Elon Musk is 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 settle the case and issued a subpoena.
In response to the SEC's actions, Musk has received support from industry leaders. Vivek Ramaswamy, recently appointed to the Department of Government Efficiency (DOGE), criticized the SEC for wasting government resources and often losing cases in court due to illegal and unconstitutional interpretations of rules. He argued that the SEC's actions undermined public confidence in the law.
Ripple's chief legal officer, Stuart Alderroti, also weighed in, arguing that Ripple exposed the SEC's lawless tactics early on. Reflecting on his case, he noted that the SEC uses litigation to advance its own agenda rather than faithfully following the law. He added that the real question is how to hold the SEC accountable under current guidance.
He writes: “The question is not whether the Gensler-led SEC is corrupt, it is. The question is how to hold them accountable.”Ripple's top leaders, along with the crypto industry, -Congratulated SEC Chairman Gensler on his recent resignation. Gensler confirmed that he will step down from his position on January 20th. Ripple's Stuart Alderroti believes that once regulatory issues are cleared, Ripple will become the top provider of crypto solutions for businesses in the United States.
For those who aren't familiar, the SEC is investigating Elon Musk for delaying the disclosure of his 9.2% stake in Twitter. He disclosed his stake on April 4, 2022, about 10 days after it exceeded the 5% disclosure threshold required by law. According to the Hart-Scott-Rodino Act, anyone who acquires at least 5% of a public company's stock must disclose it within 10 days.
