Ripple CLO & Pro-XRP Lawyer Criticize SEC Chair Gary Gensler
Pro-XRP lawyer Bill Morgan has joined Ripple’s Chief Legal Officer (CLO) Stuart Alderoty in criticizing SEC Chair Gary Gensler’s leadership and approach to crypto. Morgan pointed out that the SEC’s efforts to classify tokens as securities have been unsuccessful, citing the ongoing Ripple vs. SEC case as an example. He also referred to the SEC’s declining popularity and lack of jurisdiction over crypto.
Growing Dissatisfaction with SEC’s Crypto Regulation
Morgan’s remarks reflect a broader dissatisfaction with the SEC’s approach to regulating cryptocurrencies. He went so far as to call Gensler a “serial liar” when it comes to crypto. Alderoty also expressed his fury at Gensler, questioning who would hire him and highlighting various controversies surrounding his tenure.
Potential Exodus of SEC Lawyers
Recent reports suggest that senior enforcement lawyers from the SEC’s crypto asset and cyber unit are considering leaving, indicating their dissatisfaction with Gensler’s direction. Resumes from SEC officials have reportedly landed on the desks of major law firms, signaling a significant shake-up within the agency.
Gensler’s Budget Request and Commitment to Role
Gensler has requested a $2.4 billion budget for the SEC this year and additional staff positions for its crypto assets and cyber unit, showing his determination to continue the agency’s crackdown on crypto. Despite criticism, Gensler has expressed his commitment to his role as SEC Chair and stated that he plans to stay if President Joe Biden secures a second term.
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