Ripple CLO Calls Out Gary Gensler Following SEC’s Filing In Binance Case

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As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I find myself increasingly perplexed by the ongoing tussle between regulatory bodies and the industry they aim to govern. The latest move by Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, to call out SEC Chair Gary Gensler over the Commission’s recent filing in the Binance case is yet another intriguing development that underscores the complexity of this relationship.

Ripple‘s Chief Legal Officer Stuart Alderoty has critiqued the current chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, following a recent filing by the commission in the Binance case. This comment from Alderoty is made during the process of Donald Trump’s nomination of Paul Atkins as the potential next US SEC Chair.

Ripple CLO Calls Out Gary Gensler

In a recent post on X, Stuart Alderoty referred to Gary Gensler after the SEC submitted an eight-page document in the Binance lawsuit. As Ripple’s Chief Legal Officer, Alderoty pointed out that instead of retreating and suspending crypto lawsuits with a new administration leadership just around the corner, the Gensler-led group has chosen to proceed with legal action in the case.

In his comments, Alderoty pointed out that the Commission repeated discredited points in their submission, one of which was the far-fetched assertion that cryptocurrencies have no inherent worth. The SEC’s filing is a counterargument aimed at rejecting Binance’s request to dismiss the Commission’s revised lawsuit.

In their revised lawsuit, the Commission contends that the leading cryptocurrency exchange provided and traded BNB and ten additional digital assets as investment contracts. Previously, Binance had submitted a request to discard this very motion.

On the contrary, the Ripple CLO advises that Gary Gensler and the US SEC may want to pause ongoing lawsuits, given the possibility of the Donald Trump administration returning soon.

Furthermore, since Gensler has stated his intention to step down once Trump takes office, it’s possible that the Commission may choose to delay making decisions about these lawsuits until they receive guidance from the incoming administration.

It’s noteworthy that Donald Trump has put forward Paul Atkins, a supporter of cryptocurrency, for consideration as the next chair of the U.S. Securities and Exchange Commission (SEC). This suggests that there might be a possibility of crypto-related lawsuits being dismissed under the upcoming administration if Atkins is appointed and maintains a favorable stance towards digital currencies.

Gensler Trying To Lead ‘From The Grave’

It’s not just the Ripple CLO that has expressed criticism towards Gensler’s recent actions; former SEC official John Reed Stark has suggested that Gensler is secretly maneuvering the Commission as if he were still in control, even from beyond the grave.

Stark indicated that Gensler recently elevated three attorneys specializing in cryptocurrency enforcement within the SEC to higher leadership roles. Consequently, they will oversee both the SEC’s trial team and the crypto division. Interestingly, the Commission has yet to make public these promotions, which is unusual since they typically announce such changes.

Essentially, the previous SEC official implied that Gensler continues to advance the Commission’s anti-cryptocurrency stance even after he steps down from office. Notably, Coingape recently announced that Jorge Tenreiro, who was the lead attorney in the SEC’s lawsuit against Ripple, has now joined the Commission as their Chief Litigation Counsel.

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2024-12-05 22:44