Ripple’s CLO Condemns SEC Chair Gensler amidst Ongoing Legal Clash with SEC

Tensions escalate as Stuart Alderoty, the Chief Legal Officer of Ripple, strongly criticizes Gary Gensler, the Chair of the SEC.
The price of XRP, which currently stands at $0.5302, has experienced a 2.22% decrease in the past 24 hours. However, it has shown an upward trend over the last week.
The legal dispute between Ripple and the SEC has taken a dramatic turn with Stuart Alderoty condemning Gary Gensler harshly. This highlights the increasing tensions in the ongoing lawsuit and the high stakes involved for Ripple and the broader cryptocurrency sector. It also demonstrates how cryptocurrency has become a part of the U.S. presidential election.
SEC Chair Gary Gensler becomes the target of criticism from Ripple’s CLO.
Stuart Alderoty, the CLO of Ripple, recently launched a scathing attack on Gary Gensler, the SEC Chair, via Twitter. He accused Gensler of misusing his power and becoming a political liability in his role.
According to Alderoty, Gensler underestimated the difficulty of regulating cryptocurrencies and enjoyed being the center of attention. He believed he was exempt from Congressional oversight, but now finds himself struggling politically.
The comment made by Alderoty reflects the growing frustration within the cryptocurrency community. It was in response to a post highlighting the SEC’s highly political profile.
The Ripple case has broader implications beyond the immediate parties involved. Uniswap, in its legal dispute with the SEC, has referenced the Ripple case, particularly in relation to airdrops. Bill Morgan, a pro-XRP attorney, pointed out the SEC’s contradictory stance on airdrops.
Morgan emphasized that it is illogical for the SEC to differentiate between tokens given away and tokens sold, labeling some as securities and others as not. He argued that it should depend on the conditions of the sale.
The SEC’s recent filing opposing Ripple’s request to redact certain material has further intensified the legal conflict. The SEC argued that it was unlawful for Ripple to withhold financial and securities sales data from the public.
The regulator stated that the court’s decision-making process heavily relies on the information Ripple wants to redact, including sales statistics, financial information, and discounts offered to institutional investors. The SEC emphasized that understanding the fines and remedies in the case is contingent on this information.
As of now, XRP is valued at approximately $0.5302, showing a 2.22% decrease from the previous day, according to CoinMarketCap data. However, it has experienced a bullish trend with a 4.84% rise over the last seven days. In other news, Ripple has successfully obtained a trademark for RLUSD, its new stablecoin pegged to the dollar.