Bitrabo Editorial
Stuart Alderoty, the Chief Legal Officer of Ripple Labs, has voiced strong support for the cryptocurrency sphere, criticizing Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), for his inadequacies in overseeing crypto assets.
Ripple’s Chief Legal Officer Criticizes Gary Gensler
On May 22, Chris Brummer, a professor of Financial Technology at Agnes Williams Sesquicentennial, pointed out that the SEC has become a topic of presidential politics, with the SEC chairman Gary Gensler being publicly named by a presidential candidate, a rare occurrence. Additionally, US President Joe Biden signaled a potential veto of Congressional SEC-related legislation, a move unprecedented in history.
In response to Brummer’s observations, Stuart Alderoty of Ripple criticized Gensler for mismanaging the situation, indicating a lack of balanced regulatory promotion that supports growth while protecting investors. Alderoty asserted that Gensler wrongly identified crypto innovation as a problem, misjudging it as an easy target.
Alderoty highlighted Gensler’s apparent preference for being a controversial figure and his reluctance to be accountable to Congress, crucial for effective regulation. The Ripple CLO suggested that Gensler’s misunderstanding of Congressional oversight in the crypto field caused him to now struggle politically, facing criticism for industry issues.
Alderoty also criticized Gensler’s unauthorized intrusion into the crypto sector, noting a recent vote rejecting the SEC’s SAB 121 bulletin. The CLO emphasized a united stance from Democrats and Republicans against Gensler’s unlawful crypto interventions, signaling a shift in acceptance of his actions.
Gensler Faces Growing Criticism from Prominent Crypto Figures
Apart from Stuart Alderoty, other key figures in the crypto space have also criticized Gary Gensler’s regulatory approach. Adam Cochran, founder of Cinneamhain Ventures and a crypto market observer, joined the critique by challenging Gensler’s unclear stance on Ethereum regulation.
Cochran argued that Ethereum should not be classified as a security, opposing the SEC’s view, and called on Gensler to defend this position in court. He also urged Coinbase’s CLO Paul Grewal to support this demand, insinuating potential historic implications if Gensler fails to substantiate his claims about ETH.