United

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The SEC faces a series of legal challenges, including a recent rebuke from the Fifth Circuit Court, highlighting scrutiny over its regulatory decisions and potential implications for the cryptocurrency market. 
Recent legal proceedings have prompted commentary from Ripple’s Chief Legal Officer, Stuart Alderoty, regarding the United States Securities and Exchange Commission’s (<a href="https://crypto.news/tag/sec/" data-type="link" data-id="https://crypto.news/tag/sec/">SEC</a>) actions under the leadership of Chair Gary Gensler. 
Alderoty has <a href="https://twitter.com/s_alderoty/status/1719781173080084649?s=46&amp;t=z-3qPWdjSvlm0gpO8OOLdQ" data-type="link" data-id="https://twitter.com/s_alderoty/status/1719781173080084649?s=46&amp;t=z-3qPWdjSvlm0gpO8OOLdQ" target="_blank" rel="noopener">pointed</a> to a “deeply concerning trend” of decisions by the SEC that he considers to be arbitrary and lacking a solid legal foundation. 
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 Another day and another Court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler? <a href="https://t.co/5bUgSBUOI8" target="_blank">https://t.co/5bUgSBUOI8</a>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1719781173080084649?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 1, 2023</a>
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The commentary follows a <a href="https://www.ca5.uscourts.gov/opinions/pub/23/23-60255-CV0.pdf" data-type="link" data-id="https://www.ca5.uscourts.gov/opinions/pub/23/23-60255-CV0.pdf" target="_blank" rel="noopener">decision</a> by the Fifth Circuit Court of Appeals, which on Oct. 31, criticized the SEC’s rule regarding stock buyback disclosures as arbitrary and insufficiently justified. The ruling called on the SEC to provide more substantive reasoning for its regulations, echoing Ripple’s triumph in the <a href="https://crypto.news/xrp-is-not-a-security-us-judge-rules/" data-type="link" data-id="https://crypto.news/xrp-is-not-a-security-us-judge-rules/">XRP lawsuit</a> earlier in July 2023. 
 You might also like: <a href="https://crypto.news/sec-has-no-chance-of-success-in-ripple-appeal-lawyer-says/"> SEC has no chance of success in Ripple appeal, lawyer says </a> 
These developments come amidst a broader debate on the SEC’s approach to regulation and enforcement, especially in the evolving <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/">cryptocurrency</a> sector. In the XRP lawsuit, Judge Analisa Torres ruled in favor of Ripple executives, dismissing charges against CEO Brad Garlinghouse and executive chairman Chris Larsen. 
The lawsuit’s outcome, especially the Summary Judgment on July 13, which favored Ripple concerning retail sales of <a href="https://crypto.news/price/xrp/" data-type="link" data-id="https://crypto.news/price/xrp/">XRP tokens</a>, may have far-reaching implications for the crypto industry’s regulatory landscape. 
The SEC has been challenged by business and trade associations over a rule that requires companies to report daily on share repurchases every quarter and explain their reasons for such transactions. 
 Read more: <a href="https://crypto.news/xrp-price-gains-7-6-as-sec-dismisses-lawsuit-against-ripple/"> XRP price gains 7.6% as SEC dismisses lawsuit against Ripple </a>

Ripple’s top lawyer scrutinizes SEC’s courtroom defeats during Gensler tenure

crypto.news

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