Ripple’s Chief Legal Officer Stuart Alderoty believes that SEC Chairman Gary Gensler should refrain from voting on future crypto enforcement cases.
Gensler recently claimed that all crypto assets except Bitcoin (BTC) are securities, with promoters trying to bypass US regulators and investors expecting profits.
Alderoty cites the case of Antoniu v. SEC (Cir. 8, 1989) to argue for Gensler’s future rejections.
“Crypto Advocate PSA: Chairman Gensler has again proclaimed that every cryptocurrency, except BTC, is an unregistered security. He must now withdraw from voting on an enforcement case raising this issue as he pre-empted the outcome.”
In Antoniu v. SEC, the US Court of Appeals for the Eighth Circuit found that “principles of due process apply to administrative decisions.”
“A fair trial in a fair court is a prerequisite for due process. Fairness, of course, requires the absence of actual bias in the trial of cases. Not only is a fair trial required, but justice must meet the appearance of justice.”
The SEC launched a lawsuit against Ripple in December 2020, alleging that the San Francisco payments company had been selling XRP as an unregistered security for years.
The case remains in federal court, and its outcome could have significant implications for the future of the crypto sector in the US. Last month, Ripple CEO Brad Garlinghouse said that a settlement with the SEC was not on the table.
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