Ripple Executive Flags Gary Gensler’s Speech, Highlights SEC’s Shortcomings

cryptonews.com:

Ripple’s Chief Legal Officer Stuart Alderoty has pointed out loopholes in Gary Gensler’s speech at the 2023 Securities Enforcement Forum referring to the Securities and Exchange Commission’s (SEC) “shady” behavior.

In a social media post on X (formerly Twitter), the Ripple executive replying to the SEC boss said the Commission is losing international relevance following recent developments that have seen it suffer defeats in high-profile cases.

“The SEC is losing in court; being criticized by Judges for shady behavior; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage. Gensler – admitting no fault – has become the insulate Col. Jessep”

Alderoty noted that Gensler needed to be fact-checked after the video showed him saying the SEC will not prejudge companies. According to many within crypto circles, the Commission prejudged Ripple alongside others who were sued without proper investigations.

Similarly, pro-XRP lawyer John Deaton has also criticized the SEC approach toward the industry adding that Col. Jessep was way more likable than the SEC. The video shared by Gensler continued to spark reactions from the community leading to more scrutiny of Gensler’s enforcement approach.

Erik Voorhees, the CEO of ShapeShift added that the SEC’s claims of not being prosecutors of honest business are false as they have come after his honest company twice.

"We are not prosecutors of honest business"

You've literally prosecuted my honest businesses… twice now.

— Erik Voorhees (@ErikVoorhees) November 17, 2023

Others accused the SEC of reducing investor confidence with a harsh policy that has spelled doom for the sector in recent years forcing many firms out of