Ripple CLO Stuart Alderoty expressed criticism of current U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler through his social media platforms. Alderoty emphasized what he sees as lasting damage to the SEC under Gensler’s leadership.
“Gary Gensler’s Institutional Damage to the SEC I got into it deeply,” Alderoty said, indicating his belief that Gensler’s legacy is perceived as a disregard for both American innovation and the rule of law. The Ripple CLO noted growing dissatisfaction with Gensler’s leadership, noting that 18 states have now filed lawsuits challenging his conduct as head of the SEC.
The lawsuit represents resistance building in several states against the SEC’s overreach and mismanagement under Gensler’s leadership.
Ripple CLO Prediction: “A Footnote in SEC History”
“I expect he will soon become an unfortunate footnote in SEC history,” Alderoty said in the X post. This comment reflects the belief that Gensler’s tenure will ultimately be viewed as a negative chapter for the SEC with all the confusion he created regarding regulatory guidance surrounding cryptocurrencies.
Tensions between Ripple and the SEC date back to the regulator’s lawsuit against Ripple Labs, which alleged that the XRP token sale was an unregistered securities offering. Ripple argued that the SEC’s stance was hindering American innovation in blockchain technology.
Industry leaders call for a change in regulatory approach.
With legal action against Gensler currently underway in 18 states, the debate over his legacy and the future of cryptocurrency regulation continues to grow. Alderoty’s remarks capture the high stakes involved as industry leaders push for regulatory change.
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