Ripple Lawyer Says SEC’s Gary Gensler Should Be Barred From Voting on Crypto Enforcement Actions
Ripple chief legal officer Stuart Alderoty thinks Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), should recuse himself from voting on future crypto enforcement cases.
Gensler has recently made claims that all crypto assets besides Bitcoin (BTC) are securities, with promoters trying to bypass US regulators and investors expecting profits.
Alderoty cites the case Antoniu v. SEC (8th Cir. 1989) in arguing for Gensler’s future recusals.
“Crypto lawyer PSA: Chair Gensler has again proclaimed that every cryptocurrency, except BTC, is an unregistered security. He now must recuse himself from voting on any enforcement case that raises that issue since he has prejudged the outcome.”
In the Antoniu v. SEC case, the U.S. Court of Appeals for the Eighth Circuit found that “principles of due process apply to administrative adjudications.”
“A fair trial in a fair tribunal is a basic requirement of due process. Fairness of course requires an absence of actual bias in the trial of cases. Not only is a fair proceeding required, but also justice must satisfy the appearance of justice.”
The SEC launched a lawsuit against Ripple in December 2020, alleging the San Francisco payments company sold XRP as an unregistered security for years.
The case remains in federal court, and its outcome could have a significant impact on the future of the crypto sector in the US. Last month, Ripple CEO Brad Garlinghouse said an agreement with the SEC was not on the table.
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Author: Conor Devitt
