SEC Chair Gensler's Remarks Meet Criticism from Ripple's Attorney and Crypto Community
Summary:
After Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), emphasized the commission's mission during a speech, responses poured in from Ripple's attorney Stuart Alderoty and members from the crypto community, who claim the chair's actions contradict his words. Alderoty suggested that Gensler prematurely judged the crypto industry and advanced legal actions without thorough investigation. He also accused the SEC of engaging in dubious practices while becoming globally irrelevant. Other crypto community participants, such as the founder and CEO of ShapeShift, Erik Voorhees, also responded to Gensler's remarks.
Ripple's attorney and members of the cryptocurrency community reacted to a speech made by Gary Gensler, the chairperson of the United States Securities and Exchange Commission (SEC), arguing that his statements contradict his actions. Gensler, on November 16, posted a video of himself addressing the 2023 Securities Enforcement Forum, where he stressed the SEC's mission, as initially stated by its inaugural chairperson, Joseph P. Kennedy.
Kennedy once proclaimed that the SEC should serve as "partners of honest businesses and prosecutors of dishonesty." Gensler reiterated these words in his recent address, triggering responses from the crypto community. Among the responders was Stuart Alderoty, Ripple's chief legal officer currently embroiled in a legal feud with the SEC.
Alderoty challenged Gensler's latest comments, suggesting that they should be put under fact-checking as Gensler appeared to have "prejudged crypto and proceeded to lawsuits without adequate investigation." He also pointed out that although Ripple faces legal proceedings, it wasn't accused of dishonesty. Alderoty further accused the SEC of engaging in "shady behaviour" and becoming increasingly "irrelevant" in the international field.
Besides Alderoty, other crypto community individuals reacted to Gensler's video. ShapeShift's founder and CEO, Erik Voorhees, responded alleging that Gensler had targeted his "honest business" on two occasions. A community participant also voiced their opinion, accusing the SEC of paving the way for a "corrupt system," while asserting that the ideal Gensler cited had deteriorated over time.
Published At
11/17/2023 10:11:41 AM
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