Ripple Execs Joke About Demoted SEC Lawyer’s New Career Paths 🤷‍♂️

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Well, folks, it seems the Ripple crew just can’t help but have a little fun at the expense of a certain demoted U.S. Securities and Exchange Commission (SEC) lawyer. According to the latest gossip from the crypto world, Jorge Tenreiro, the former head of the SEC’s crypto enforcement efforts, has been given the boot. And oh boy, did the Ripple team give him a send-off to remember. 🎉

David Schwartz, the chief technology officer at Ripple, took to Twitter to facetiously predict that Tenreiro will become a movie critic. “With his new free time, I bet Jorge will be the next Roger Ebert,” Schwartz quipped, probably from the comfort of his own tech-laden home theater. 🍿

Not to be outdone, Stuart Alderoty, Ripple’s top lawyer, joked that Tenreiro had been reassigned to Macrodata Refinement. For those not in the know, that’s the department where workers have to classify numbers with seemingly little purpose in the hit TV show “Severance.” Alderoty added, “I hear they’re looking for volunteers to become ‘White Capped,’ anyone interested?” 😂

Ripple CEO Brad Garlinghouse, never one to miss a good jibe, suggested that Tenreiro’s next career move could be working for the tech support at Best Buy. “I guess he could try Geek Squad next? Maybe he’ll finally get that employee discount!” Garlinghouse mused, likely while enjoying his own discount on a new gaming rig. 🎮

Yesterday, the New York Times reported that the SEC was scaling back its crypto enforcement unit, with an unnamed top litigator being moved to an IT office. The report described the move as an “unfair demotion,” which, you know, must be a real bummer for someone who probably thought they were untouchable. 🤦‍♂️

The Wall Street Journal later confirmed that Tenreiro, who was leading the cases against Ripple and Coinbase, was the top lawyer that the New York Times originally mentioned. Prior to his demotion, Tenreiro was the Chief Litigation Counsel at the SEC, a position he had held since joining the SEC back in 2013, fresh out of Yale Law School. 🎓

With the resignation of SEC Chair Gary Gensler, the new administration has wasted no time in overhauling its crypto policy. They ditched the SAB 121 rule, making it possible for large banks to custody crypto, and also created a crypto-focused task force to establish clear rules of the road for the industry. But hey, who needs clear rules when you can just laugh at your former nemesis? 🤣

It remains to be seen what will happen to the remaining crypto enforcement cases, including the appeal against Ripple. But one thing is for sure: Jorge Tenreiro’s next career move is on everyone’s lips, and not just in the crypto world. Stay tuned for more updates, and maybe a few more jokes from the Ripple team. 🚀

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2025-02-06 09:12