Ripple CLO Stuart Alderoty has challenged Gary Gensler’s assertion that certain crypto lawsuits originated during Clayton’s administration.
Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), has come under fire from Ripple Chief Legal Officer (CLO) Stuart Alderoty for his attempt to defend the cryptocurrency litigation the Commission has filed.
Amid rumors that Gensler may shortly step down as SEC Chair, the Ripple CLO commented.
Gary Gensler’s Claim On Crypto Lawsuits Is Criticized By Ripple CLO
The Ripple CLO attacked Gensler’s attempt to defend his four-year political crusade to kill cryptocurrency by saying he merely carried on Jay Clayton’s work in an X post.
According to Stuart Alderoty, claiming that Clayton lit the match is equivalent to “burning down the house” and claiming innocence.
Alderoty was alluding to the speech Gary Gensler gave about the cryptocurrency business.
“The Commission under Jay Clayton had already brought 80 actions, including the Ripple case when I arrived in 2021,” Gensler said.
The action, according to the US SEC Chair, was directed at cryptocurrency market participants who were not abiding by the “common-sense rules” of the road.
The Ripple CLO, however, feels that Clayton’s actions do not excuse all of Gensler’s actions throughout his four years as SEC Chair to impede the expansion of the cryptocurrency sector.
Gensler has maintained that the majority of cryptocurrency assets are securities and is well-known for his anti-crypto views.
It’s interesting to note that Gensler also alluded to his impending resignation as SEC Chair in that address.
Since Donald Trump won the US presidential election, some have urged Gensler to step down, including former SEC official John Reed Stark.
The SEC appears to be receiving a taste of its own medicine in the meantime.
A complaint has been filed by 18 US state attorneys general, alleging that the SEC has overreached itself in regulating cryptocurrency.
SEC’s Next Chair Will Support Cryptocurrency
Journalist Eleanor Terrett has verified that the next US SEC Chair will be pro-crypto in response to the Ripple CLO’s remark.
Nonetheless, she recommended that the community and cryptocurrency business concentrate more on the selection of the next chair of the Commodities Futures Trading Commission (CFTC).
She made this statement after quoting people who informed Fox Business that the Trump administration wants to give the CFTC more authority over regulating cryptocurrency.
“How the CFTC will approach this is unclear, but it will require more funding than it currently has,” she continued.
It’s also important to note that Brad Garlinghouse, the CEO of Ripple, recently voiced excitement about the changing regulatory environment.
Stuart Alderoty, the CLO of Ripple, recently urged Donald Trump to cease the SEC’s regulation-by-enforcement strategy in order to accomplish his pledge to make the US the crypto capital.