Stuart Alderoty, Chief Legal Officer (CLO) of Ripple Labs, has taken a strong stance in favor of the cryptocurrency landscape, scathing US Securities and Exchange Commission (SEC) Chairman Gary Gensler for his incompetence in overseeing crypto assets.
Ripple CLO slams Gary Gensler
Today, May 22, Agnes Williams Sesquicentennial financial technology professor Chris Brummer noted that for the first time, the SEC has become a topic of presidential policy.
SEC Chairman Gary Gensler was called out by name by a presidential candidate, which was a shock to the professor because it had never happened before. Another shocking development highlighted by Brummer was US President Joe Biden’s threat to veto Congressional legislation regarding the SEC in advance.
The message said:
This is the first time the SEC has become a subject of presidential policy. I don’t recall any presidential candidate mentioning the SEC chairman’s name. I also don’t recall a sitting president preemptively threatening to veto Congressional legislation regarding the SEC.
In response to the professor’s message, Stuart Alderotythe Ripple CLO, believes Gensler overplayed his hand, which led to the development. Rather than promoting a balanced regulatory environment that promotes growth while protecting investors, Alderoty argues that Gensler’s approach wrongly views crypto innovation as the problem because he thought it was a target easy.
According to the Ripple CLO, the chairman of the regulatory watchdog likes to be the person everyone loved to look down on. Additionally, Alderoty calls attention to Gensler’s disregard for accountability to Congress, which is essential to effective regulation.
Given its status, the Ripple CLO noted that Gensler misunderstood Congress’s oversight role in the cryptocurrency sector, believing it to be immune from congressional oversight. However, with all of that gone, the president is now a troubled political liability, suggesting that Gensler is responsible for several problems in the industry.
Alderoty also addressed Gensler’s unauthorized overreach into the crypto industry. Following the vote against SEC Bulletin SAB 121 last week, CLO said the event demonstrated agreement between Democrats and Republicans that the president’s illegal crypto excesses would no longer be accepted.
Gensler sees increased criticism from top crypto figures
Stuart Alderoty is not the only popular crypto personality who has criticized the SEC Chairman’s ineffective regulation. On Tuesday, cryptocurrency market watcher and founder of Cinneamhain Ventures, Adam Cochran, also attack Gary Gensler for his lack of clarity regarding Ethereum regulations.
Cochran firmly believes that Ethereum is not a security, unlike the SEC, which believes the asset fails under securities law. So, Cochran insisted that Gensler explain this in court, appealing to Coinbase’s CLO. Paul Grewal to make this request.
This could imply that the founder believes Gensler may be unable to defend his claims that ETH is a security, saying its collapse would be historic.
Featured image from iStock, chart from Tradingview.com
