June 30 (Cointime) - Industry insiders are calling for increased accountability at the SEC, with concerns raised about potential conflicts of interest among the regulator's leadership. Ripple Labs' chief legal counsel, Stuart Alderoty, has emphasized the legal consequences of Chairman Gary Gensler's statements, responding to allegations of prejudgment and conflict of interest made by Blockchain Association Policy Lead Jake Chervinsky.

Chervinsky argues that Gensler should recuse himself from enforcement actions related to digital assets due to his consistent characterization of all cryptocurrencies, except Bitcoin, as securities.

The SEC has been actively pursuing enforcement actions against exchanges, but industry leaders have accused the commission of playing favorites, particularly in the case of the now bankrupt FTX derivatives exchange.