Pro-XRP Lawyers Slam SEC Chair Gary Gensler Over Leadership Failure

Amid the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), pro-XRP lawyers have launched scathing criticisms against SEC Chair Gary Gensler, questioning his leadership integrity. Notably, Gensler’s recent remarks targeting the crypto industry’s alleged evasion of public disclosures have ignited further controversy, drawing sharp rebukes from legal experts within the crypto community.

Pro-XRP Lawyers Slams SEC Chair Gary Gensler

SEC Chair Gary Gensler’s recent remarks about crypto firms skipping public disclosure by avoiding SEC registration have drawn criticism from various quarters. Notably, prominent lawyers like MetaLawMan and pro-XRP advocate Bill Morgan slammed the SEC chair while gaining attention from the crypto market enthusiasts.

Notably, MetaLawMan, in a recent X post, cited Judge Shelby’s comments in the Debt Box case, slamming the SEC for pervasive misconduct and organizational bad faith. Notably, Judge Shelby has slammed the SEC in the Debt Box case, highlighting a pattern of misconduct implicating the Commission (SEC) itself.

Echoing similar sentiments, pro-XRP lawyer Bill Morgan expressed disdain for Gensler’s stance, stating that the crypto community doesn’t value his opinions due to his anti-crypto stance. Morgan emphasized the failure of Gensler’s leadership, despite occasional acknowledgments of legitimate concerns about intermediary risks in the cryptocurrency space.

Meanwhile, Gensler’s comments, while aimed at enhancing transparency and accountability in crypto markets, have sparked debates regarding the SEC’s approach and its implications for the crypto industry. As regulatory scrutiny intensifies, stakeholders continue to navigate challenges posed by evolving regulatory frameworks and the broader implications for market participants.

Also Read: Polymesh (POLYX) Price Jumps 150% In Three Days As BlackRock Eyes Tokenization

Gary Gensler’s Anti-Crypto Comment

The crypto community, especially the XRP lawyers, continues to criticize SEC Chair Gary Gensler for his anti-crypto stance, particularly in light of recent remarks highlighting the issue of public disclosure avoidance among crypto firms. Notably, Gensler’s comments, made during a speech on securities disclosures, singled out the crypto industry for seeking to evade registration requirements with the SEC, emphasizing the importance of mandatory disclosure for investor protection.

Meanwhile, the SEC has several ongoing legal battles with prominent crypto players like Ripple, Coinbase, and others. The focus on the ongoing Ripple Vs. SEC battle further intensifies with the recent remarks from the XRP lawyers.

Besides, the SEC is actively pursuing enforcement actions against companies like Coinbase and Binance for alleged failure to register securities. In addition, the second largest crypto by market cap, Ethereum is potentially under investigation for classification as a security.

Meanwhile, Gensler’s emphasis on registration underscores the regulator’s commitment to regulating the crypto market, a sentiment that may soon face practical tests as firms like Prometheum prepare to enter the space as approved special-purpose crypto broker-dealers.

Also Read: Ripple CTO Unveils Safer Practices As XRP Ledger AMM Goes Live

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.