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crypthub

1/24/2025, 11:53:26 AM

Ripple's Criticism of SEC Chairman Gary Gensler

On May 22nd, Stuart Alderoty, Ripple’s Chief Legal Officer, publicly voiced sharp criticism against Gensler, the Chairman of the US Securities and Exchange Commission (SEC). Alderoty accused Gensler of abusing his authority and creating a political liability through his approach to crypto asset regulation. He claimed Gensler had overplayed his hand, mistaking crypto for an easy target and reveling in the resulting backlash, while failing to foster a balanced regulatory environment. This came after Chris Brummer, a financial technology professor, expressed similar concerns about the SEC’s controversial actions under Gensler's leadership.

Political Implications and Ethereum ETF Rumors

Alderoty's criticism gained traction against the backdrop of swirling rumors regarding the SEC potentially approving a spot Ethereum exchange-traded fund (ETF). This move, perceived as an attempt to influence crypto voters in upcoming elections, escalated the rivalry between the Biden administration and former President Donald Trump, who hold differing views on cryptocurrency regulation. Furthermore, President Joe Biden’s recent indication of a potential veto on Congressional legislation related to the SEC added to the political tension.

Widespread Concerns Over Gensler's Regulatory Approach

Alderoty isn't alone in his concerns. On May 20th, Adam Cochran, a renowned cryptocurrency market analyst and founder of Cinneamhain Ventures, directly criticized Gensler’s ambiguous stance on Ethereum, asserting that it is not a security as classified by the SEC. He urged Gensler to clarify this matter in court, specifically calling on Coinbase’s Chief Legal Officer, Paul Grewal, to demand answers.

Coinbase Files Lawsuit Against SEC

These criticisms culminated with Coinbase filing a lawsuit against the SEC, accusing them of failing to register securities and requesting clear guidelines for the crypto industry. This action sparked widespread community support for Coinbase as industry leaders urged the SEC to develop definitive regulations.