Gensler’s Controversial Meetings
After Ripple’s recent legal victories, Stuart Alderoty, the company’s chief legal officer, criticized the SEC and compared its chairman, Gary Gensler, to a movie villain. In a tweet on November 16, Alderoty highlighted the SEC’s shortcomings and likened Gensler to Colonel Nathan R. Jessup from A Few Good Men.
Additionally, Alderoty criticized the SEC for its courtroom losses, questionable behavior, and reprimand from the government’s internal auditor over cryptocurrency accounting bulletins. He also noted the regulator’s declining relevance on the international stage and its failure to disclose meetings with individuals like Sam Bankman-Fried, the former CEO of a defunct crypto exchange.
Controversy Over Gensler’s Meeting with SBF
The SEC faced scrutiny over a Zoom call between Gensler and Bankman-Fried in March 2022, leading to accusations of conflicts of interest and close ties with an individual later found guilty of fraud. Official documents suggested that Gensler did not seek permission from his agency’s Office of the Ethics Counsel for the meeting, violating SEC protocol and raising concerns.
Ripple’s CEO Brad Garlinghouse also criticized the SEC for neglecting consumer protection while allegedly meeting with individuals like Bankman-Fried. He questioned the agency’s use of taxpayer money on the case.
Hot Take: Ripple’s Legal Officer Criticizes SEC Chairman
In light of Ripple’s legal victories, Stuart Alderoty publicly criticized the SEC and its chairman, Gary Gensler. The controversy surrounding Gensler’s meetings with individuals like Sam Bankman-Fried has raised concerns about conflicts of interest and ethical lapses within the regulatory agency. Ripple’s CEO also questioned the SEC’s allocation of taxpayer funds in light of these revelations.
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