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Ripple General Counsel Says SEC Chairman Has Repeatedly Failed to Protect Crypto Investors

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Alderoty lambasts the SEC chairman again.

Stuart Alderoty, the General Counsel at Ripple, has once again rebuked SEC Chair Gary Gensler over his recent comments in an interview with popular media outlet CNBC. 

In a CNBC interview, Gensler noted a need for better investment protection. He called on cryptocurrency-related firms to discuss better ways to regulate the industry with the SEC. Gensler further said the “runway is running out” for cryptocurrency companies as investors continue to get hurt from crypto offerings.

Ripple’s General Counsel Comments

Responding to the comment made by Gensler, Ripple’s General Counsel stated that the only “runway running out” is the false and worn-out talking points from the SEC’s chairman.

Alderoty noted that Gensler’s quest to elevate the SEC as a suitable regulator for the U.S. cryptocurrency industry is responsible for creating huge financial damage for investors.

“The only runway that’s running out is these worn out (and frankly false) talking points from SEC Chair @GaryGensler. His insistence on elevating the SEC’s quest for power over effective regulation in this country is creating deep financial damage,” Ripple’s General Counsel said

Alderoty said the chairman of the Securities and Exchange Commission has repeatedly failed to protect United States investors, adding: 

[Gensler] keeps crowing about Kim Kardashian while the lines in bankruptcy courts grow longer for consumers. This insanity must stop.” 

Gensler and Alderoty’s Hostile Relationship

Alderoty has not been on good terms with Gensler since the beginning of the lawsuit between Ripple and the Securities and Exchange Commission. Ripple’s General Counsel has repeatedly slammed Gensler over his preferred regulating cryptocurrency space method. Gensler is accused of protecting the interest of the SEC at the expense of United States investors.

According to Gensler, the vast majority of cryptocurrencies are securities. However, Gensler failed to clarify what factors he used to make the assertion.

Responding to the comments, Alderoty said he could not remember when Congress appointed Gensler to become the cop on the beat for crypto

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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