Stuart Alderoty, Ripple’s chief legal officer, described U.S. Securities and Exchange Commission Chairman Gary Gensler as a “struggling liability.” This comes as the hype surrounding the potential approval of spot ether exchange trading funds grows.
In response to discussions about the SEC becoming a hot topic of pre-election discourse, Alderoty wrote in X that “Gensler overplayed his hand.”
“He thought cryptocurrencies were an easy target,” Alderoty said. “He liked being the guy everyone hated. He thought he was above congressional oversight. All that was lost. He’s now struggling with political responsibility.” .” he added.
This opinion, long echoed by many others in the cryptocurrency industry, follows a clear and sudden shift in Democratic sentiment ahead of the November election.
Some are arguing that the SEC’s sudden request for exchanges to amend their spot ether ETF filings signals a desire to appear more cryptocurrency-friendly as the sector plays a growing role in voting efforts.
“It’s a completely unprecedented situation, which means it’s completely political,” a source familiar with the matter told The Block, referring specifically to the agency’s sudden request to submit amendments.
This was highlighted by yesterday’s news that former US President and current Republican candidate Donald Trump’s campaign is now embracing cryptocurrencies.
History of SEC and Ripple
Ripple CLO’s opinion comes as no surprise. This popular cryptocurrency-related project has long been under investigation by the SEC, which recently claimed that Ripple must pay a fine of more than $2 billion. for sale XRP
-1.55%
To institutional investors.
Ripple, on the other hand, believes the penalty should be closer to $10 million. However, the SEC stated that a fine of this amount would “encourage other issuers of cryptocurrency assets to violate Section 5 by engaging in eminently profitable endeavors and thus deprive investors of the disclosures required by Congress as mere ‘costs of doing business.’” “I believe that.”
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