Ripple’s CLO Critiques SEC Chair Gensler
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, is openly criticizing the U.S. SEC and its Chair, Gary Gensler. Following in the footsteps of Coinbase’s Chief Legal Officer, Paul Grewal, Alderoty and XRP advocates are voicing their disagreement with the SEC’s actions.
On November 2, Stuart Alderoty shared a scathing opinion piece from The Wall Street Journal titled, “Is Gary Gensler ever going to win a case?” This comes after another legal defeat for Gensler by the Fifth Circuit Court of Appeals, which criticized the SEC’s stock buyback rule.
Accusations of Violating Administrative Procedure Act
The SEC has been accused of repeatedly violating the Administrative Procedure Act, with federal judges stating that the SEC has acted arbitrarily and capriciously. Grayscale has also argued that the SEC’s denial of GBTC’s conversion to a spot Bitcoin ETF violates both the APA and the Exchange Act.
Coinbase CLO Speaks Out
Coinbase’s Chief Legal Officer, Paul Grewal, has also criticized the SEC for its pattern of defeats in court. He highlighted that federal courts have repeatedly held that the SEC acted arbitrarily and capriciously in violation of the Administrative Procedure Act.
Government Accountability Office Reveals Lack of Input
The Government Accountability Office (GAO) revealed that the SEC’s SAB 121 rule was drafted without input from regulators and the public. This could have significant consequences for the crypto industry and the SEC’s reputation.
Pro-XRP Lawyer Raises Concerns
Pro-XRP lawyer John Deaton has raised concerns about the SEC’s credibility due to its repeated defeats. He called on the Commissioners to act as leaders rather than political operatives and urged the Financial Services Committee to issue a subpoena.
Political Motivations Behind SEC’s Actions
Bill Morgan emphasized the alleged political motivations behind the SEC’s actions and called for an end to what he described as bullying of the crypto industry.
Hot Take: Is Gensler’s Leadership Criticism Valid?
The criticism of Gary Gensler’s leadership by Ripple’s CLO, Paul Grewal, and others raises questions about his approach and actions. The repeated defeats in court and accusations of violating the Administrative Procedure Act have led to concerns about the SEC’s credibility. Many in the crypto community are calling for a change in Gensler’s approach and for the SEC to act more transparently and fairly.
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