SEC Chair’s Remarks on Crypto
When SEC Chair Gary Gensler reiterated the United States Securities and Exchange Commission’s mandate in a speech, Ripple’s lawyer and various crypto community members responded, criticizing the SEC chair and arguing that the commissioner’s words contradict his actions.
On Nov. 16, SEC Chair Gary Gensler shared a video of him conducting a speech at the 2023 Securities Enforcement Forum. In the speech, he highlighted the words of the first SEC chair, Joseph P. Kennedy, saying that the government agency should be “partners of honest business and prosecutors of dishonesty.”
Responses to Gensler’s Remarks
The post on X (formerly Twitter) triggered responses from various crypto community members, including Ripple chief legal officer Stuart Alderoty, who is currently engaged in a legal battle against the SEC. According to Alderoty, the SEC chair’s recent remarks should be fact-checked and that Gensler has “prejudged crypto and has filed suit against others without investigation.”
Alderoty also highlighted that Ripple was sued but was “never charged with dishonesty.” The Ripple executive also threw some accusations toward the SEC and said that they are being criticized for “shady behavior” and are becoming “irrelevant” internationally.
Apart from Alderoty, various crypto community members also responded to the video that Gensler shared. Erik Voorhees, founder and CEO of trading platform ShapeShift, responded to the tweet, saying that Gensler has prosecuted his “honest business” twice.
Meanwhile, a community member also responded to Gensler’s remarks, saying that what he quoted “was the vision”; However, the Twitter user argued that it has evolved for the worse, accusing the SEC of facilitating the “legitimization of a corrupt system.”
Hot Take
In conclusion, while Gary Gensler’s remarks may reflect an ideal vision for the SEC’s role in regulating businesses, critics argue that his actions do not align with this vision when it comes to cryptocurrencies such as Ripple. The response from Ripple’s legal officer and other members of the crypto community highlights ongoing tensions between regulators and industry participants.
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