Why SEC Is Becoming Irrelevant: Europe Eyes Independent Crypto Oversight
While industry leaders believe that US SEC is becoming irrelevant, European Union executive has proposed for its own version of SEC....
- Ripple's Chief Legal Officer, Stuart Alderoty, believes that the US Securities and Exchange Commission (SEC) is becoming irrelevant.
- The SEC has faced backlash after suing Ripple Labs in 2020, with industry leaders claiming it is losing relevance on the international stage.
- Alderoty heavily criticized the SEC, accusing it of shady behavior, being rebuked by the government's internal auditor, and hiding information about meetings with a felon.
- Ripple obtained a partial victory against the SEC in July, but the legal battle is ongoing.
- European Central Bank President Christine Lagarde has proposed creating a regional equivalent of the SEC in Europe, giving more powers to the European Securities and Markets Authority (ESMA).
The sentiment in the article is mostly negative towards the SEC, with Ripple's Chief Legal Officer heavily criticizing the regulator. The article also highlights the ongoing legal battle between Ripple and the SEC. However, there is a positive sentiment towards the proposal of a European SEC equivalent, as it aims to create a single rulebook for the securities market in Europe.