Galicia, Spain; october 25, 2021 : Ripple XRP coin on black gravel background. Cryptocurrency blockchain money
Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple Labs has taken a firm stand in support of the cryptocurrency landscape, scathing the Chairman of the United States Securities and Exchange Commission (SEC) Gary Gensler for his incompetence in overseeing crypto assets.
Ripple CLO Slams Gary Gensler
Today, May 22, Chris Brummer, a professor of Financial Technology at Agnes Williams Sesquicentennial noted that for the first time, the SEC has become a subject of presidential politics.
The SEC chairman Gary Gensler was called out by name by a presidential candidate, which came as a shock to the professor because this has never happened before. Another shocking development highlighted by Brummer was the US president’s Joe Biden threat to veto Congressional legislation regarding the SEC in advance.
The post read:
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.
Responding to the professor’s post, Stuart Alderoty, Ripple’s CLO, believes Gensler has overplayed his hand, which led to the development. Rather than promoting a balanced regulatory environment that fosters growth while safeguarding investors, Alderoty argues that Gensler’s approach mistakenly labels crypto innovation as the problem, as he thought it was an easy target.
According to the Ripple CLO, the regulatory watchdog’s chairman enjoys being the person whom everyone loved to despise. Furthermore, Alderoty draws attention to Gensler’s disdain for accountability to Congress, which is essential for efficient regulation.
Given his status, the Ripple CLO noted that Gensler misunderstood the role of Congressional oversight in the cryptocurrency sector, believing that he was immune to congressional scrutiny. However, with all of that gone, the chairman is now a struggling political liability, suggesting that Gensler is responsible for several problems in the industry.
Alderoty has also addressed Gensler’s unauthorized overreach in the crypto industry. Following the vote against the SEC’s SAB 121 bulletin last week, the CLO stated that the event demonstrated an agreement between the Democrats and Republicans that the chairman’s unlawful crypto overreach will no longer be accepted.
Gensler Sees Heightened Criticism From Top Crypto Figures
Stuart Alderoty is not the only popular crypto figure who has slammed the SEC’s chairman’s inefficient regulation. On Tuesday, cryptocurrency market observer and Cinneamhain Ventures founder Adam Cochran also attacked Gary Gensler over his lack of clarity regarding Ethereum regulations.
Cochran strongly believes that Ethereum is not a security, unlike the SEC, which thinks the asset fails under the securities law. Thus, Cochran insisted that Gensler explain this in court, calling on Coinbase’s CLO Paul Grewal to make this demand.
This might imply that the founder believes that Gensler might be unable to defend his claims that ETH is a security, asserting that his collapse would be historic.
Featured image from iStock, chart from Tradingview.com
