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Ripple CLO’s Critique of SEC Chairman Gensler
On May 22, Stuart Alderoty, Ripple’s Chief Legal Officer, expressed strong disapproval towards Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), regarding his handling of crypto asset regulation.
Alderoty’s Criticism
Alderoty criticized Gensler’s approach as misguided, accusing him of abusing his authority and becoming a “political liability” in a recent 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,” Alderoty’s statement read.
Response to SEC’s Controversial Nature
Alderoty’s criticism was prompted by a post from Chris Brummer, a professor of Financial Technology, highlighting the SEC’s controversial nature under Gensler’s leadership.
Brummer noted unprecedented instances where a presidential candidate mentioned Gensler by name and President Joe Biden threatened to veto Congressional legislation related to the SEC.
Spot Ethereum ETF Approval Speculation
Amidst rumors of the SEC potentially approving a spot Ethereum exchange-traded fund (ETF), there is speculation that this move aims to appeal to crypto voters supporting President Biden.
This development intensifies the competition between the Biden administration and former President Donald Trump, particularly in their differing approaches to crypto regulation.
Alignment with Top Crypto Figures
Stuart Alderoty is not alone in criticizing SEC Chairman Gary Gensler. On May 20, Adam Cochran, a prominent cryptocurrency market analyst, voiced his concerns over Gensler’s stance on Ethereum.
Cochran firmly believes Ethereum is not a security, contrary to the SEC’s classification, and called for clarity on this matter, urging Coinbase’s Chief Legal Officer to seek an explanation.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
