Ripple 
$1‘s Chief Legal Officer Stuart Alderoty criticized U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler for his efforts to justify crypto lawsuits initiated by the Commission. Alderoty’s statements come amid speculation that Gensler may soon leave the SEC chairmanship.
Gensler’s Attempt to Justify Crypto Lawsuits Criticized
In his statement on the social media platform X, Alderoty assertively criticized Gensler for continuing his four-year political campaign from the process initiated by Jay Clayton. Alderoty described this situation as “the house burning” and closely attributed Clayton’s fire to the excuse.
“It’s like the house is on fire, and Clayton excuses himself by keeping the fire close.” – Stuart Alderoty
Alderoty referenced Gensler’s statements in his speech in 2021, stating that under the Jay Clayton administration, the SEC initiated 80 cases, including the Ripple case. Gensler stated that these lawsuits are against participants who do not follow “common sense rules” in the crypto market.
New SEC Chairman Will Be Pro-Crypto
Journalist Eleanor Terrett confirmed that the next SEC chairman will be pro-crypto. Terrett suggested that the crypto industry and community should focus more on who the next Commodity Futures Trading Commission (CFTC) chairman will be.
“The CFTC is expected to take more responsibility for crypto regulation.” –Eleanor Terrett
Additionally, Ripple CEO Brad Garlinghouse recently expressed his satisfaction with the changing regulatory environment. Alderoty, on the other hand, called for Donald Trump to end the SEC’s coercive approach in order to fulfill its promise of becoming the crypto capital of the United States.
New Legal Challenges Against the SEC
The SEC is trying to deal with the challenges it faces regarding crypto regulations. Attorneys general for 18 US states have filed a lawsuit accusing the SEC of constitutional overreach in crypto regulations. These cases increase criticism of the SEC’s methods of controlling the crypto market.
Ripple CLO Stuart Alderoty’s statements show that tensions between the SEC and the crypto industry remain. Gensler’s statements and potential resignation could affect the dynamics in the industry.
As Ripple and other crypto companies struggle with regulatory uncertainties, the SEC’s stance also plays an important role in shaping the future of the crypto market.
The crypto industry is carefully watching how it will be affected by changes in the SEC’s approach and new regulatory positions. In this process, there can be significant impacts on the growth and innovation of the sector.
Clarifying regulations may allow crypto companies to continue their activities in a safer and more predictable environment. This may create new opportunities for players in the industry.
Who the future SEC leader will be and that person’s attitude towards crypto could be decisive for the future of the industry. The crypto community is following this process closely.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
