Ripple CLO Stuart Alderoty criticized SEC Chair Gary Gensler on X, accusing him of defending his anti-crypto stance over the past four years.
Gary Gensler supported his position on crypto in his most recent speech. Now, Stuart Alderoty, CLO of Ripple, has said bad things about him on X. He harshly criticized Gensler for trying to explain why he didn’t like the crypto business for four long years. What did he say in the most recent X post?
Ripple CLO comment on Gensler
“Gary Gensler attempting to justify his four-year-long political crusade to destroy crypto by claiming he just continued what Jay Clayton started is like burning down the house and saying, ‘Jay lit the match—I just added the gasoline.’”
In a recent speech, Gensler said that by the time he got to the Commission in 2021, Chairman Jay Clayton had already brought about 80 cases against people in the crypto markets who weren’t following the common sense rules of the road. This included the Ripple case.
Gensler gets a lot of bad reviews
Notably, 18 US state attorneys general have sued the SEC, saying that its crypto rules violate the Constitution. Before, in another post, he said that Gensler did a lot of damage to the SEC’s institutions.
He also wrote that it is shameful that he has hurt American innovation and failed to respect the law. “I look forward to him soon becoming an unfortunate footnote in SEC history,” the CLO said. “18 states are suing to hold him accountable.”
There are more and more rumors that Gensler will step down as chair of the SEC, and in his speech, he hinted that he might do so soon. Since Trump won the US election for president, some people, like former SEC employee John Reed Stark, have asked Gensler to step down.
Tyler Winklevoss recently said that Gensler was “evil” and that he should never again be in a position of power, influence, or effect. He also said that Gensler had hurt the crypto business and the country in a way that could not be fixed.
On the other hand, now that Trump has won, there will soon be crypto-friendly rules in place. In a recent X post, Eleanor Terett said that sources close to the transition team say the new SEC chair will support crypto.
The nominee will also need to be able to handle all the other issues the SEC is responsible for, such as public companies, the stock market, the bond market, private funds, the consolidated audit trail (CAT), and more.
In addition, she said that sources told Fox Business that the Trump administration wants to give the CFTC more power when it comes to crypto. She said that right now it’s not clear how that would be done because the CFTC doesn’t have enough money to do it already.
Who Will Take Gary Gensler’s Place?
A story from CNBC says that Robinhood CLO Dan Gallagher, SEC Commissioner Mark Uyeda, and other candidates could take his place. Hester Pierce, former CFTC Chairman Heath Tarbert, and SEC Commissioner Paul Atkins are some other people who might be considered. Richard Farley and Robert Stebbins are two other possible candidates. Robert Stebbins, a business lawyer at the New York law company Willkie Farr & Gallagher LLP, is now one of the top candidates for the next SEC Chair.