Ripple CLO Lambasts Gary Gensler Amid SEC Legal Battle
On May 22, Stuart Alderoty, Ripple’s Chief Legal Officer, unleashed a scathing rebuke on Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), for his mishandling of crypto asset regulation.
Alderoty’s fiery criticism slammed Gensler’s approach as misguided, accusing the SEC chief of abusing his authority and becoming a “political liability” in an X post.
“Gensler overplayed his hand. He thought crypto was an easy target. He relished being the guy that everyone loved to hate. He thought he was above Congressional oversight. That’s all gone. He’s now a struggling political liability,” his tweet reads.
Alderoty’s statement suggests that Gensler continued to approach crypto innovation as the problem instead of fostering a balanced regulatory environment.
Ripple CLO’s criticism came in response to a post by Chris Brummer, a professor of Financial Technology at Agnes Williams Sesquicentennial, who tweeted his thoughts regarding the SEC’s controversial nature under Gensler.
Brummer noted that a presidential candidate mentioned SEC Chairman Gary Gensler by name, which is unprecedented. Another surprising development was President Joe Biden’s threat to veto Congressional legislation regarding the SEC.
This is the first time the SEC has become a subject of presidential politics. I don't recall ever a presidential candidate mentioning the Chair of the SEC by name. I also don't remember a sitting President threatening preemptively to veto Congressional legislation about the SEC.
— Chris Brummer (@ChrisBrummerDr) May 22, 2024
Alderoty’s criticisms follow the swirling rumors about the SEC potentially approving a spot Ethereum exchange-traded fund (ETF) – a move perceived as an attempt to sway crypto voters to
Read more on cryptonews.com
