July 16, 2024
Ripple's Legal Officer and Community Dispute
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Ripple’s Legal Challenge: Gensler’s SEC Speech Draws Cryptocurrency Critique

Gary Gensler’s reaffirmation of the United States Securities and Exchange Commission’s (SEC) mission during a recent speech drew pointed reactions from Ripple’s legal counsel and numerous members of the cryptocurrency community. On November 16, SEC Chair Gensler shared a video showcasing his address at the 2023 Securities Enforcement Forum, emphasizing the sentiments of Joseph P. Kennedy, the inaugural SEC chair, about the agency’s dual role as champions of legitimate business and pursuers of malfeasance.

This post on X (formerly Twitter) triggered a flurry of responses from diverse corners of the crypto sphere, with Stuart Alderoty, Ripple’s chief legal officer, embroiled in ongoing legal tussles with the SEC, leading the charge.

Alderoty contested Gensler’s recent statements, calling for a fact-check on Gensler’s alleged bias against cryptocurrencies and a tendency to litigate without thorough investigation. He underscored that although Ripple faced legal action, it was never formally charged with dishonesty. Accusations flew from Alderoty’s corner, alleging opaque practices within the SEC and branding them as increasingly irrelevant on the global stage.

Joining the chorus of dissent, Erik Voorhees, the founder and CEO of ShapeShift, a prominent trading platform, lambasted Gensler for what he perceived as unjustified legal action against his legitimate business, having faced prosecution twice under the SEC’s purview.

Simultaneously, other members of the crypto community took to Twitter to express mixed sentiments. Acknowledging Gensler’s reference to the SEC’s foundational vision, and argued that the agency’s trajectory has regressed, alleging that its operations have contributed to the legitimization of a fundamentally corrupt financial framework.

In summary, Gensler’s articulation of the SEC’s mandate sparked an intense debate within the cryptocurrency realm, with Ripple’s legal representative and various community voices casting aspersions on the agency’s actions, claiming discord between Gensler’s rhetoric and the practical execution of the SEC’s duties.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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