In response to recent statements made by Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), during the 2023 Securities Enforcement Forum, Ripple’s Chief Legal Officer, Stuart Alderoty, criticized him for forming preconceived notions about the entire cryptocurrency sector. Specifically, Alderoty pointed out that Gensler, quoting the first SEC chair Joseph P. Kennedy, characterized the agency as “partners of honest business and prosecutors of dishonesty.”
However, Alderoty highlighted that despite the SEC suing Ripple, it never charged the company with ‘dishonesty,’ as stated in a November 17 post on X. According to Alderoty, the Securities and Exchange Commission had already pre-judged the “unsuccessful case” against Ripple, starting with Bill Hinman, the ethically compromised former SEC enforcement division director. Hinman’s speech served as crucial evidence for Ripple’s defense in the lawsuit.
Alderoty concluded that Gensler, the current Securities and Exchange Commission chief, has presumed the guilt of the entire cryptocurrency industry and has been filing lawsuits against other crypto businesses, such as the case against the crypto trading platform Binance, without proper investigation.
Securities and Exchange Commission’s Interaction with Convicted Individual Sparks Controversy
Conversely, the attorney had previously censured the agency for losing relevance on the global stage and noted its failure to disclose information regarding interactions with an individual with a criminal record, specifically referring to the former CEO of the now-defunct cryptocurrency exchange FTX, Sam Bankman-Fried.
Simultaneously, Alderoty drew a parallel between Gensler and the fictional character Colonel Nathan R. Jessup, portrayed by Jack Nicholson in the 1992 cult classic ‘A Few Good Men,’ a figure symbolizing institutional indoctrination.
In other developments, XRP, the cryptocurrency central to the legal dispute between Ripple and the SEC, was trading at $0.6253 at the time of reporting. This reflected a 2.24% increase in the last 24 hours, a 4.71% decline over the previous seven days, and a 20.97% gain over the month, based on data available as of November 20.