Ripple CLO Criticises Gensler’s Attempt To Defend His Hostility Towards Crypto
Ripple CLO Stuart Alderoty criticized Gary Gensler on X after he defended his stance on cryptocurrencies in his latest speech. He was a vocal critic of Gensler’s four-year attempt to justify his hostility to the cryptocurrency industry. In his latest X post, he shared –
“Gary Gensler’s attempt to justify his four-year political campaign to destroy cryptocurrencies by claiming he is simply continuing what Jay Clayton started is like Burn the house down and say, ‘Jay lit the match – I just added the gas.'”
Gensler in his latest speechSaid that when he took office in 2021, the committee led by Chairman Jay Clayton had filed about 80 lawsuits against cryptocurrency market participants who did not follow common sense rules, including the Ripple case.
Gensler faces widespread criticism
Notably, 18 U.S. state attorneys general have filed lawsuits accusing the SEC of overstepping its authority when it comes to cryptocurrency regulation. In a previous article, he said Gensler’s institutional damage to the SEC was profound. He also wrote that his legacy of undermining American innovation and failing to uphold the law is shameful. “With 18 states suing to hold him accountable, I expect him to soon become an unfortunate footnote in SEC history,” CLO shared.
As speculation continues to grow about Gensler resigning as SEC chairman, Gensler also hinted in his speech that he may resign soon. Former SEC official John Reed Stack and others have been calling for Gensler to resign since Trump won the U.S. presidential election.
Notably, Tyler Winklevoss recent Calling Gensler “evil” and stating that he should never again hold a position of influence, power or consequence. He also said Gensler had caused irreversible damage to the crypto industry and the country.
Is a pro-crypto SEC chairman coming?
However, with Trump’s much-anticipated victory, favorable cryptocurrency regulations could soon be in place. Eleanor Terett wears the latest X postal According to sources close to the transition team, the new SEC chairman will be pro-cryptocurrency, and the nominee must also be well-equipped to handle all other issues within the SEC’s purview – public companies, stock markets, bond markets, private equity funds , Comprehensive Audit Trail (CAT), etc.
Additionally, she cited sources as saying that the Trump administration wants to give the CFTC more responsibility when it comes to cryptocurrencies. She noted that while it’s unclear how to do that, it would require significantly more funding than the CFTC currently has.
Who will replace Gary Gensler?
Robinhood CLO Dan Gallagher and other candidates including SEC Commissioner Mark Uyeda could replace him, CNBC reported. In addition, other possible candidates include Hester Pierce, former CFTC Chairman Heath Tarbert and SEC Commissioner Paul Atkins. Richard Farley and Robert Stebbins are also potential contenders. Rob Stebbins, a corporate lawyer at Willkie Farr & Gallagher LLP in New York, has emerged as a top contender on the short list to be the next SEC chairman.
