Ripple’s Chief Legal Officer Stuart Alderoty has taken to the Twitter/X social media network to share his take on the future prospects of the Securities and Exchange Commission chairman Gary Gensler.
Apparently, he believes that there are none should Gensler choose to leave his job at the regulatory agency. He named four “sins” of Gensler as the SEC chairman.
"Who else would hire him?" — here's why
Alderoty responded to a tweet published by a Fox Business journalist Eleanor Terrett about Gensler. Citing “Politico,” she said that Gensler “absolutely plans” to remain in his position at the SEC, should the current U.S. president be reelected in November this year. “I love this job,” he admitted.
To this, the Ripple CLO responded that he doubts that there is any other company out there that would welcome Gary Gensler as an employee. There are four reasons for this: the SEC under Gensler’s leadership keeps losing in courts, SEC lawyers were caught lying to judges, the SEC’s X account was hacked “in the most embarrassing way.”
The fourth one was Gensler’s indirect connection to FTX and Jeffrey Upstein: Glenn Ellison, Gensler’s former boss at MTI, is the father of SBF’s girlfriend and co-CEO of Alameda Research, Caroline Ellison. Besides, MIT’s Media Lab where Gensler used to be senior advisor and taught economics with Glenn Ellison, was funded by late Upstein.
Ripple beats SEC on XRP
In the summer of 2023, the SEC suffered two major failures in court. The first one was against Ripple, when in June federal judge Analisa Torres ruled that XRP sales on secondary markets were not qualified as securities by the U.S. laws.
That victory pushed the XRP price briefly above the $0.7 high, however, a reverse followed. In the same year, the SEC lost a case against Grayscale — the fund managing giant sued the regulator after it rejected the latter’s filing to convert its Bitcoin Trust into a spot Bitcoin ETF.
In 2023, however, the court made a ruling on this case in favor of Grayscale, and on Jan. 11, 2024, the regulator finally approved 11 spot Bitcoin ETFs, including Grayscale’s one. BlackRock and Grayscale later also filed for spot Ethereum ETFs. The decision on those is expected on May 23.