Ripple’s Stuart Alderoty Unveils $5 Million Art Satire Targeting SEC and Gary Gensler

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As a seasoned crypto investor with over a decade of experience navigating the tumultuous seas of digital assets, I must say that Stuart Alderoty’s latest tweet has brought a much-needed breath of fresh air to the XRP community. The “Not a Security” art object, reminiscent of Maurizio Cattelan’s iconic work, is not only a clever jab at the ongoing SEC vs Ripple saga but also a subtle reminder that the crypto world thrives on innovation and humor.

On his X account, Ripple‘s top lawyer, Stuart Alderoty, posted an image of an artwork, which sparked a flurry of humorous comments from the XRP community.

The top attorney at Ripple has mentioned not just the Securities and Exchange Commission, along with its head Gary Gensler, but also crypto tycoon Justin Sun in this tweet.

“Not a Security” art object, trading starts at $5 million

Ripple’s CLO department shared an image that seems like a humorous take on Maurizio Cattelan’s renowned sculpture, “Comedian.” As per Justin Sun’s tweet posted on November 21st, this very piece was purchased by the founder of Tron and crypto tycoon for a whopping $6.2 million.

In a different phrase, Alderoty’s artwork features an orange attached to a cloth with tape, whereas the piece previously mentioned, “The Comedian,” is a banana stuck to the same cloth using tape. Ripple’s CEO tweeted: “I refer to it as ‘Not a Security.’ Initial offer: $5 million. Serious bidders only.

I call it ‘Not a Security.’ Opening bid: $5 million. Serious inquiries only.

— Stuart Alderoty (@s_alderoty) November 22, 2024

Under the label “Not a Security,” Alderoty was referring to the Securities and Exchange Commission (SEC) and Gary Gensler, who argue that most altcoins, with Ethereum being an exception, are considered unregistered securities. This classification is due to investors’ expectation of profits that are contingent on the efforts exerted by the teams responsible for issuing these cryptocurrencies.

Supporters of XRP frequently contend that, under the SEC’s viewpoint, collectible items should be classified as securities and investment contracts as well. The SEC has penalized multiple cryptocurrency platforms and filed a lengthy legal suit against Ripple, asserting that they have been offering XRP as a security.

In July 2023, Federal Judge Analisa Torres decided that transactions involving XRP on secondary markets were not considered security sales, unlike those made directly by the company to financial institutions. In the end, Ripple paid a fine of $125 million instead of the $2 billion demanded by the SEC.

In September, the regulator filed an appeal with the U.S. Supreme Court.

Gary Gensler announces resignation from SEC

Last Thursday, an eagerly awaited development took place within the international XRP community. It was revealed that Gary Gensler, the current chairman of the SEC, plans to step down from his position, with his departure scheduled for January 20, 2025.

In the spirit of Thanksgiving, I find myself expressing gratitude as Chairman Gensler steps down from his position. This is indeed a development I’m appreciative of.

This Thanksgiving, I’m thankful for…

— Brad Garlinghouse (@bgarlinghouse) November 21, 2024

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2024-11-22 17:19