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Stuart Alderoty, Ripple’s Chief Legal Officer, has criticized Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), for his attempts to justify the crypto lawsuits initiated by the Commission. Alderoty’s statements come amid speculation that Gensler may soon leave his position as SEC Chairman.
Alderoty Critiques Gensler’s Justification Efforts
Alderoty asserted on social media platform X that Gensler is continuing the political campaign initiated by Jay Clayton. He referred to this situation as “the house is on fire,” closely linking Clayton’s actions to the ongoing issues.
“This is like the house is on fire, and he’s closely referencing Clayton’s fire.” – Stuart Alderoty
Alderoty referenced Gensler’s remarks from 2021, where he stated that under Clayton’s leadership, the SEC initiated 80 lawsuits, including the one against Ripple 
$2. Gensler indicated that these lawsuits target participants who do not adhere to “common-sense rules” in the crypto market.
New SEC Chair Expected to Favor Crypto
Journalist Eleanor Terrett confirmed that the next SEC chair is likely to be pro-crypto. Terrett suggested that the crypto industry and community should focus more on who will be the next chair of the Commodity Futures Trading Commission (CFTC).
“The CFTC is expected to take on more responsibility regarding crypto regulation.” – Eleanor Terrett
Additionally, Ripple CEO Brad Garlinghouse recently expressed satisfaction with the changing regulatory environment. Alderoty called on Donald Trump to end the SEC’s aggressive approach to fulfill the promise of making the U.S. a crypto capital.
The SEC is grappling with challenges surrounding crypto regulations, evidenced by a lawsuit from attorneys general in 18 states accusing the SEC of constitutional overreach. These lawsuits further amplify criticisms of the SEC’s methods for regulating the crypto market.
Alderoty’s statements reflect the ongoing tension between the SEC and the crypto industry. Gensler’s remarks and potential resignation could significantly impact the dynamics within the sector.
Cryptocurrency companies like Ripple are navigating regulatory uncertainties, while the SEC’s stance plays a critical role in shaping the market’s future. The crypto industry is closely monitoring how changes in regulations and new positions will affect their operations.
