Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, took a witty swipe at SEC Chair Gary Gensler for the heated congressional hearing, where lawmakers had criticized the SEC’s aggressive stance on digital assets. Stuart, who has already had his fair share of clashes with the SEC, compared the situation to a familiar dental ad on his recent X post:
4 out of 5 dentists recommend sugarless gum for their patients who chew gum. And 4 out of 5 SEC Commissioners agree with VP Harris that the U.S. should support innovative technologies like digital assets. https://t.co/VVy6nwP5re
— Stuart Alderoty (@s_alderoty) September 25, 2024
Stuart’s Past Grievances with Gensler
The post highlighted deeper frustration Ripple has long held against the SEC’s handling of digital assets, particularly its battle with Ripple over the classification of XRP as a security. Stuart has been vocal about what he views as unfair and inconsistent treatment by the SEC under Gensler’s leadership and did not hesitate from calling Gensler a “struggling political liability”. Ripple has argued that the agency’s enforcement actions lack clarity, stifle innovation, and damage the U.S. crypto industry’s global competitiveness.
During the defense, it was very obvious that Gensler could not defend himself. Critics argue, including Alderoty, that Gensler’s war on Web3 is based on a flawed legal framework and has done little to protect its consumers. It has harmed innovation and set the U.S. behind other countries that have adopted clearer, more supportive policies for digital assets.
Alderoty’s grievances with the SEC go back to the heart of Ripple’s legal battle, where the company has consistently argued that the agency’s regulatory overreach has caused unnecessary harm. Now, as Congress turns up the heat on Gensler, Ripple’s CLO is making it clear that SEC’s approach is not only damaging the industry but also undermining the border goals of the Biden-Harris administration, which aims to support innovation and digital assets.
The debate over how to regulate digital assets continues, with growing calls for reform as Gensler’s leadership faced increased scrutiny.
Also Read: Analyst Says Bull Market Could Begin If Bitcoin Breaks Above This Level
Source: https://www.cryptonewsz.com/ripple-clo-hillarious-response-grills-gensler/