Ripple’s Chief Legal Officer Calls Out SEC Chairman for Evasive Answers
Stuart Alderoty, Ripple’s Chief Legal Officer, criticized SEC Chairman Gary Gensler for his evasive responses during a congressional hearing. Alderoty took to Twitter to question Gensler’s avoidance tactics after Rep. Ritchie Torres pressed him for direct answers.
A must watch. For hours Mr. Gensler smugly evaded question after question (even laughing about how rich he is) until Rep. Torres took him out with a command of the law and a touch of South Bronx street sense. Gensler didn’t know what hit him until it was too late.
— Stuart Alderoty (@s_alderoty) September 28, 2023
Rep. Torres asked basic questions that Gensler struggled to answer, leading Torres to describe his responses as “deafening and damning.” Gensler continued to criticize cryptocurrencies and the industry, focusing on how some crypto companies handle customer assets.
Gensler’s Elusive Answers
Alderoty was also taken aback by Gensler’s casual laughter about his wealth. This sparked outrage within the XRP community, with one user questioning Gensler’s motives and dedication to public service.
It is not uncommon for speakers in these types of conferences, especially when discussing the law, to use elusive and coded language known as “Fed Speak.” This technique allows them to provide ambiguous responses that sound like answers while actually creating confusion.
When confronted by Rep. Torres once again, Gensler claimed he had consistently answered the questions.
Concerns About the SEC’s Leadership
Gensler’s evasive responses have raised concerns about his leadership at the SEC, with many considering his actions reckless. Lawsuits against Gensler and the SEC are mounting, with six financial trade associations recently suing the SEC over a new policy called Private Funds Adviser Rule.
Alderoty is not alone in criticizing the agency’s recent actions. Pro-Ripple lawyer John Deaton has stated that the SEC poses the biggest threat to retail investors. This criticism comes after the SEC objected to a collaboration between Coinbase and Celsius Network that aimed to protect Celsius customers.
Hot Take: SEC Chairman’s Evasive Tactics Raise Questions About Transparency
The recent congressional hearing involving SEC Chairman Gary Gensler has drawn criticism for his evasive answers. Stuart Alderoty, Ripple’s Chief Legal Officer, called out Gensler on Twitter for dodging direct questions and resorting to ambiguous responses. This tactic, known as “Fed Speak,” is often used in legal discussions to create confusion rather than provide clarity.
Gensler’s behavior during the hearing has raised concerns about his leadership at the SEC, with lawsuits piling up against him and the agency. Critics argue that these evasive tactics undermine transparency and hinder progress in the crypto industry. As questions about Gensler’s motives and dedication to public service arise, it remains to be seen how the SEC will address these growing concerns.
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